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25% of Beijing's Allocated Land Goes to Flats

Twenty-five percent of the 6,300 hectares of land set aside for development in Beijing this year will have been designated for the construction of residential buildings by the end of December, according to a statement released by the city authorities.

Of these 1,600 hectares, 400 hectares will be used to build affordable apartments for low-income earners, which will be sold at an average of 5,000 to 6,000 yuan (US$640-770) per square meter.

Beijing's housing prices now average more than 10,000 yuan (US$1,282) per square meter in the downtown areas.

According to the land supply plan devised for the whole year, developers have been told to ensure 70 percent of the apartments are under 100 square meters so that the total price would be more affordable.

The municipal administration of land and resources, and the development and reform committee, said that, in line with a national policy set out at the end of last year, no planning permission had been approved in 2007 for the building of golf courses, luxury villas, racecourses, ski slopes, luxury office buildings for government departments and state firms and furniture, automobile and building material markets.

Beijing's population reached 17 million at the end of June, only one million lower than the ceiling set by the city government for 2020.

(Xinhua News Agency September 8, 2007)

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