Feb. 8, 2010 (China Knowledge) - Fujian Province plans to build 27,000 low-rent apartments and 10,000 affordable apartments this year, according to the province's Ministry of Housing and Urban-Rural Development.

The province will also complete the redevelopment of 12 million square meters of properties in 2010, and the amount is expected to hit 28 million sq m within three years.

In 2009, Fujian kicked off construction on 32,900 low-rent apartments and completed 15,000 units, 12,151 units of which, totaling 580,000 sq m, cost a total of RMB 1.23 billion, which was directly invested by the central government. At the end of last year, the province had around 35,000 families living in low-rent apartments.

The same year, Fujian injected RMB 1.8 billion into the development of affordable apartments totaling 3.19 million sq m of potential floor area, of which 760,000 sq m completed construction. 

Fujian sold 29.91 million sq m of properties last year, double the number it sold last year, and the transaction value skyrocketed 139% year on year, hitting RMB 217 billion. Real estate investment climbed 0.6% year on year to RMB 113.64 billion and accounted for 20% of the province's total fixed asset investment.