China plans more affordable housing, reiterates property controls (2)

China Vanke Co., Ltd., the nation's biggest property developer by market value, gained 5.97 percent to close at 10.12 yuan (1.61 U.S. dollars) on Tuesday.

At least five real estate firms, including AVIC Real Estate Holding Co., Ltd. and Guangzhou Pearl River Industrial Development Co., Ltd., saw shares soar by the daily movement limit of 10 percent during the morning session.

The rally drove the benchmark Shanghai Composite Index up 2.53 percent to finish at 2,213.61 points, a near six-month high.

China is building more than 7 million government-subsidized housing units this year as part of its five-year plan to construct 36 million such affordable homes by 2015 in a bid to make housing accessible to low-income families.

The country has started construction of more than 30 million affordable housing units since 2008 and finished building 17 million of them, Jiang said.

He also demanded making afforable houses accessible for migrant workers, not just registered permanent residents, in all prefecture-level cities in 2013.

We recommend:
Riding on BJ-GZ high-speed railway	The spending of China's rich	More Chinese cities see home price rise
Santa is coming and China takes a lot more notice	Harbin-Dalian high-speed railway starts operation	Nanjing Yangtze Fourth Bridge to open