CNAO report reveals implementation problems of low-rent housing policy

08:45, November 19, 2010      

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The National Audit Office of the People's Republic of China (CNAO) released a report on Wednesday of its auditing results of the 2007-2009 implementation of indemnificatory housing policy in 19 municipalities and provinces, which reveals many problems.

According to the report, from 2007 to 2009, the 19 municipalities and provinces financed 103.88 billion yuan ($15.64 billion) with the low-rent housing fund, and 5.44 billion yuan ($818.97 million) in shanty town reconstruction budget with money from the central government.

However, CNAO found that 22 major cities of the 19 municipalities and provinces collected less than 10 percent of the capital, which is required to be invested into indemnificatory housing projects by the central government, from net profit of land transfer incomes. CNAO said that totally 14.62 billion yuan ($2.20 billion) was not collected, accounting for up to 49.26 percent of the total 29.68 billion yuan ($4.47 billion) that should have been.

The report said that 6 cities and 4 counties peculated totally 152.31 million yuan ($22.93 million) in low-rent housing fund to repurchase economically affordable houses from developers or as local governments' administrative fees. Six cities swindled 61.29 billion yuan ($9.23 billion) from the low-rent housing budget with 34 inveracious projects from the central government.

Also, CNAO said that low-rent housing policy is imperfect in checking candidates for low-rent houses and housing subsidies, low-rent housing projects' decision-making and biding procedures, among others.

The report said that as of the end of August 2010, related cases and suspects went into legal procedures. And local governments are paying back the money swindled. Only 11 cities recuperated the missing part of the 10 percent net profit from land transfer incomes.

Source: Global Times

(Editor:黄蓓蓓)

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