Shanghai's first "Housing Purchase and Replacement" project signing is finalized

On March 31, Shanghai’s first “Housing Acquisition and Replacement” project was officially signed in Jing’an District. Resident Mr. Shi— the first applicant—signed a contract for the acquisition of existing stock housing with Jing’an District Affordable Housing Company, and a sales contract with a new commercial housing project development enterprise, marking the full implementation of the “Housing Acquisition and Replacement” model from housing resource storage, to resident replacement, to the raising and securing of affordable rental housing. This year, in February, Shanghai launched a pilot program to acquire second-hand homes for use as affordable rental housing, with Pudong New Area, Jing’an District, and Xuhui District advancing the related work first as the inaugural pilot regions. This signing marks a breakthrough for Jing’an District in the field of market-oriented revitalization of existing stock housing and the efficient mobilization of affordable rental housing, providing replicable and scalable pilot experience for Shanghai’s citywide efforts to raise affordable rental housing and improve residents’ housing conditions. (Shanghai Securities News)