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SPFMC Signed Agreement on HPF Loans-Supported Project of Affordable Housing at Dong Jing of Songjiang District

SPFMC unfolded an official ceremony on morning of 3rd April for signing of agreement on the project of HPF loans in support of affordable housing at plot 42-01 south development zone of Dongjing in Songjiang District. Present at the occasion were unit leaders and responsible persons of relevant departments of SPFMC, Bank of China’s Shanghai Branch, Shanghai Yunyi Real Estate Development Co., Ltd. and Shanghai Chengtou Real Estate (Group) Co., Ltd.

The affordable housing project within largescale residential community at Songjiang’s Sijing (Dongjing) base, located at the juncture of Sijing and Dongjing of Songjiang District, is one of the expanded pilot HPF loans-supported security housing projects of the municipality endorsed in 2012 by the three ministries such as Ministry of Housing & Urban-Rural Development, with a total project investment of 890 million yuan, project loans of 620 million yuan and total building area of 0.1515 million square meters. As scheduled, the main structure is expected to be finished within the first half of this year, residential building to be completed in the second half of this year, and entire construction to be completed in first half year of 2014.

Up to the present time, a total of 13 HPF loans-supported security housing expanded pilot projects of the municipality have been signed up. SPFMC shall conduct enclosed management of the project fund jointly with commissioned banks through escrow accounts pursuant to relevant state regulations to ensure targeted use of appropriative fund in pilot projects.