Shanghai to raise supply of small flats to cool market

Beijing

LOCAL authorities in Shanghai issued new rules to increase the supply of medium and small-sized apartments after the recent surge in home prices in the city, official media reported on Tuesday.

The financial centre would ensure the land supply for homes smaller than 100 sq m accounts for at least 70 per cent of total land supply in downtown areas while the ratio was lowered to 60 per cent for suburb areas, the Xinhua news agency quoted Shanghai Land Bureau as saying.