Construction: Regulations enforced
(Shenzhen Daily)
Updated: 2006-06-21 14:50
In a heavy blow to local real-estate developers, the Shenzhen municipal
government has decided to strictly follow the Central Government's new
regulations for the property market, which include the imposition of a 70
percent quota for smaller apartments.
The city government publicized its
bylaws for the Central Government regulations Tuesday, three weeks after the
Central Government issued the new regulations.
According to the Central Government regulations, the number of flats under 90
square meters in a certain area must account for at least 70 percent of the
units built in each project. Developers had hoped that Shenzhen, as an affluent
city, would raise the ceiling for larger apartments.
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