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China close to hitting affordable housing target


08:42, October 11, 2011

BEIJING -- China is approaching its target of starting construction on 10 million affordable housing units this year, part of the government's efforts to stabilize runaway property prices.

China had started building 9.86 million units of affordable housing by the end of September, or 98 percent of the total amount planned for this year, the Ministry of Housing and Urban-Rural Development said in a statement on its website Monday.

Construction of 1.18 million such houses commenced in September, the statement said.

Fourteen provinces and municipalities, including Hebei, Shanxi, Liaoning, Shandong, Beijing and Chongqing, and Ningxia Hui autonomous region, had exceeded their full-year targets, the statement said.

The government vowed to start construction on 10 million units of affordable housing this year, part of its five-year plan to build 36 million units by 2015 in an effort to give more low-income households access to housing.

Premier Wen Jiabao said in July that construction on the planned 10 million affordable housing units this year should begin before the end of November.


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helen at 2011-10-11203.82.92.*
This is good news! Still, quota needs to be expanded to commensurate with rapid urbanisation and local governments must be reined in to contribute their part. Private developers should also be required to contribute in the affordable housing construction as is the current practice in many Asian nations. For tool long now, local governments have been only working too closely with private developers geared on high end construction. The reasons are quite obvious to the CCDI and the Chinese people.Under the CPC, China will succeed in providing affordable housing to most of its citizens.......

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