Shanghai's first "Housing Purchase and Replacement" project contract signed and implemented

People’s Finance News, April 1—On March 31, Shanghai’s first “housing acquisition for relocation and exchange” project was officially signed in Jing’an District. Resident Mr. Shi, as the first applicant, signed a contract for the acquisition of existing residential properties with the Jing’an District affordable housing company, and separately signed a purchase and sale contract with the developer of a newly built commercial housing project. This marks the full end-to-end implementation of the “housing acquisition for relocation and exchange” model, from sourcing and reserving housing units, to residents’ exchange, to raising funds for affordable rental housing. This February, Shanghai launched a pilot program to acquire secondhand homes for use as affordable rental housing, with the Pudong New Area, Jing’an District, and Xuhui District as the first batch of pilot areas to advance the related work. This signing marks a breakthrough in Jing’an District in the market-based revitalization of existing housing stock and the efficient mobilization of affordable rental housing. It also provides replicable and scalable pilot practices for Shanghai’s citywide efforts to raise affordable rental housing units and improve housing conditions. (Shanghai Securities News)