Harbin, the capital city of Heilongjiang Province, has earmarked RMB 16 billion to start property construction with potential floor area of 14 million square meters, of which 4.5 million square meters are expected to be completed this year, according to the city's real estate development department.

In 2009, residential properties with potential floor area of 8 million square meters will start construction and will cost RMB 9.1 billion. This year, an estimated 4 million square meters will be finished.

The seaside city also intends to build affordable apartments with potential floor area of 1 million square meters amounting to 18% of the total residential property construction in 2009. Of the 1 million square meters, 600,000 square meters will be completed this year.

Real estate transactions are predicted to reach 7.1 million square meters in area and RMB 17.5 billion in revenue in Harbin this year.