(Yicai Global) Jan. 3 -- Beijing supplied 721 hectares (7.21 square kilometers) of commercial residential land last year with a completion rate of 111%, the city's urban planning office and land resources and housing management bureau announced yesterday.
Beijing projected supplying 650 hectares of commercial residential land last year, but made 721 hectares available instead in a bid to throttle back on runaway real estate prices and ease a looming housing crunch. This is 1.75 times the average annual supply of land available in the city over the past five years, Xinhuanet reported.
China’s capital further adopted a new method of bidding by combining prices and reserved-for-residential ratios last year. When a land price reaches a pre-set ceiling at auction, developers continue to bid by pledging to enlarge the reserved-for-residential area. Reserved-for-residential housing refers to properties ineligible for developers to sell for commercial use. Last year saw 870,000 square meters of reserved-for-residential homes under the hammer.
Beijing will continue to up its residential land supply to swell the effective pool of housing and bolster regulation of the real estate sector, a bureau official advised.
The bureau has now started compiling its blueprint for supplying residential homes this year and will fully consider regional balance, urban capacity, the environment and other factors to achieve intensive development and boosts people's livelihoods.