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Property sales in Chinese cities sluggish in August (3)

(China Daily)

13:47, September 13, 2011


In response to public complaints about soaring property prices, the State Council, or China's Cabinet, has drawn up a plan to build 10 million subsidized housing units this year and 36 million more over the next five years.

These units include affordable homes, low rent homes, price-capped homes and public rental homes.

The government has allocated a total of 170.5 billion yuan (26.6 billion U.S. dollars) to build affordable homes for low-income people this year.

Up to the end of August, local authorities across China had started building or renovating 8.68 million government-subsidized housing units this year, completing 86.percent of the annual target, according to a statement issued by the Ministry of Housing and Urban-Rural Development (MOHURD) on Sept. 9.

MOHURD Minister Jiang Weixin said last month that construction of all subsidized housing units should be started before the end of October, and the main framework of at least one third of the housing projects should be finished at the same time.

Hebei, Liaoning, Fujian, Shandong and Shaanxi provinces have started building more subsidized housing units than the number as ordered by the State Council for the year.

Meanwhile, the Central Commission for Discipline Inspection (CCDI) of the Communist Party of China (CPC) tightened the supervision on the construction of affordable housing projects nationwide.

The discipline watchdog was sending 10 inspection teams to 20 provinces, autonomous regions and municipalities in the following two weeks starting from Sept. 6 to assess the implementation of the central government's policy, check the quality of the housing, and verify the proper use of public money.

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