China to build 10 mln units of affordable housing in 2011

08:55, January 14, 2011      

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As part of the property market overhaul, China has pledged to build 10 million units of affordable housing in 2011.

China's Banking Regulatory Commission is urging banks to increase lending for affordable housing projects, in hopes of curbing runaway property prices. Outstanding loans for affordable housing extended by Chinese financial institutions increased 32 percent year-on-year to over 75 billion yuan by the end of November. That's 8 percentage points higher than growth for total real estate credit.

Source: CNTV.cn
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