Moving on up, to the way, way east side
Moving on up, to the way, way east side
08:38, March 17, 2010 
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Home prices in Tongzhou District have increased faster in recent days after the local government announced its plans to build a modern urban area.
The price of hot existing buildings including BOBO City and Wuyi Garden increased more than 3 percent after the modern international city plan was released Friday, according to data from the Iefang real estate intermediary institution released Monday.
The local government will start bidding on construction projects in April, and the demolishing of houses and relocation of the residents at the juncture of five rivers, including the Tonghui river, will start this June, Wang Yunfeng, the secretary of the commission of Tongzhou district, said over the weekend.
The new city will become a business, culture and entertainment complex, and it will probably take 10 years to achieve that objective, Wang said.
"Nearly two weeks ago, the director of the Tongzhou bureau of commerce, Wang Shi-jie, came to seek advice from us about inviting commercial property developers, and said as least three skyscrapers for commercial use will be built in this area," Wang Yongping, secretary general of the China Commercial Real Estate Association (CCREA), told the Global Times Monday.
He added that to some extent, the model of the new international area will be like Shanghai's Pudong district.
"The home price near Tuqiao, the last stop of the Batong metro line, soared to more than 17,000 yuan ($2,490.5) per square meters, which is so terrible because it is close to the sixth ring road," Yu Menghan, a fashion editor who wants to buy an apartment in Tongzhou district, told the Global Times Monday.
The price spike was similar to those experienced in Shanghai and Hainan Province.
"When the local government announced Nanhui district would be incorporated into Pudong district last April, home prices soared from nearly 8,000 yuan ($1,172) to the present 14,000 yuan, and the price rose much more when Disneyland entered this area," Lu Qilin, deputy director of the Shanghai YouWin Real Estate Research Center, told the Global Times Monday.
Hotel and home prices in Hainan, the country's tropical island province, reached a record high at the beginning of this year under speculation that the prices would keep on rising because of the International Tourism Island development plan released by the government.
But Wang of the CCREA said whether the bubble will grow depends on the city's follow-up infrastructure construction and commercial investment opportunities.
"Tongzhou district is close to Beijing's Central Business District (CBD), where recreation places are lacking, and the new town will become a supplement to the CBD," Wang said. "What's more, the district also has many plots for development."
Besides the present Batong metro line, seven more lines including the M6 line will be built in the future.
The total area of the new city center in Tongzhou will be 155 square kilometers with construction areas totaling 85 square kilometers, said Zhang Yong, deputy director of Tongzhou district.
The area will be able to house more than 1 million people, Zhang said.
Source: Global Times
The price of hot existing buildings including BOBO City and Wuyi Garden increased more than 3 percent after the modern international city plan was released Friday, according to data from the Iefang real estate intermediary institution released Monday.
The local government will start bidding on construction projects in April, and the demolishing of houses and relocation of the residents at the juncture of five rivers, including the Tonghui river, will start this June, Wang Yunfeng, the secretary of the commission of Tongzhou district, said over the weekend.
The new city will become a business, culture and entertainment complex, and it will probably take 10 years to achieve that objective, Wang said.
"Nearly two weeks ago, the director of the Tongzhou bureau of commerce, Wang Shi-jie, came to seek advice from us about inviting commercial property developers, and said as least three skyscrapers for commercial use will be built in this area," Wang Yongping, secretary general of the China Commercial Real Estate Association (CCREA), told the Global Times Monday.
He added that to some extent, the model of the new international area will be like Shanghai's Pudong district.
"The home price near Tuqiao, the last stop of the Batong metro line, soared to more than 17,000 yuan ($2,490.5) per square meters, which is so terrible because it is close to the sixth ring road," Yu Menghan, a fashion editor who wants to buy an apartment in Tongzhou district, told the Global Times Monday.
The price spike was similar to those experienced in Shanghai and Hainan Province.
"When the local government announced Nanhui district would be incorporated into Pudong district last April, home prices soared from nearly 8,000 yuan ($1,172) to the present 14,000 yuan, and the price rose much more when Disneyland entered this area," Lu Qilin, deputy director of the Shanghai YouWin Real Estate Research Center, told the Global Times Monday.
Hotel and home prices in Hainan, the country's tropical island province, reached a record high at the beginning of this year under speculation that the prices would keep on rising because of the International Tourism Island development plan released by the government.
But Wang of the CCREA said whether the bubble will grow depends on the city's follow-up infrastructure construction and commercial investment opportunities.
"Tongzhou district is close to Beijing's Central Business District (CBD), where recreation places are lacking, and the new town will become a supplement to the CBD," Wang said. "What's more, the district also has many plots for development."
Besides the present Batong metro line, seven more lines including the M6 line will be built in the future.
The total area of the new city center in Tongzhou will be 155 square kilometers with construction areas totaling 85 square kilometers, said Zhang Yong, deputy director of Tongzhou district.
The area will be able to house more than 1 million people, Zhang said.
Source: Global Times
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