The local housing supplies are expected to be a little more than market demand in the near future, the Shanghai Daily quoted Tuesday's Shanghai Morning Post.

Currently, the local market demand exceeds a bit of property supplies. However, the situation will change soon.

Shanghai is considering lowering the requirements for pre-selling ordinary properties, with relevant surveys completed by the end of last month, said Pang Yuan, vice director with the Shanghai Housing and Land Resources Administrative Bureau.

According to the existing requirements issued in 2000, for projects of no more than seven storeys, groundwork construction must be complete and main body construction and roof sealing must be finished; For projects of eight or more storeys, groundwork construction must be complete and two-thirds of main body construction (no less than seven storeys) must be finished.

If the new policy is issued, a total of five million square meters of properties are expected to hit the market ahead of schedule.

Lowering the requirements for pre-selling ordinary properties aims to drive up the housing supplies in Shanghai, and around five million square meters of such properties are expected to hit the market ahead of schedule, Pang said, adding that much tougher competition is head after the supplies soar.

More than 16 million square meters of ordinary properties will be offered to the market this year, and the city will continue to put lid on the total amount of residents relocated in the city center.

Besides the three million square meters of properties, slate for residents relocated for urban construction, to hit the market this year, construction on another 3.5 million square meters will start.

Shanghai Daily/Xinhua