Latest News:  


Auditors help recoup stolen housing funds

By Wang Huazhong (China Daily)

08:38, January 18, 2013

China's top auditing authority announced on Wednesday the recovery of around 2.7 billion yuan ($428.57 million) that was embezzled from affordable housing funds in 2011.

Authorities have also canceled about 7,000 households' rights to stay in the housing, according to a report released by the National Audit Office.

China has been working to build subsidized houses for low-income earners due to widespread complaints about housing costs. The government plans to build and renovate 36 million houses during the 12th Five-Year Plan (2011-15).

In June, the National Audit Office released a report on the central government's 2011 budget in which it disclosed the embezzlement of 2.96 billion yuan that had been allocated for affordable housing.

Experts said some local governments are now in a dilemma: They cannot disobey the central government's policies yet are reluctant to pay for the increasingly expensive projects.

Caught in those circumstances, some have resorted to giving the impression that their projects are progressing faster than they really are, lowering the quality of the projects or earmarking the project money for other purposes.

Earlier media reports citing local auditors said Chuxiong prefecture, in Yunnan province, took 1.77 million yuan meant for low-rent housing and earmarked it for an office building in 2010.

【1】 【2】 【3】

We recommend:

Online turnover surpasses 1 trillion yuan in 2012

Jack Ma to step down as Alibaba CEO

FDI sees 1st decrease in 9 years amid slowdown

China helps drive Rolls to record year

Top Ten Economic Events in 2012

CIC seeks balanced portfolio


Related Reading

Leave your comment0 comments

  1. Name


Selections for you

  1. Confrontation drill in Yunnan province

  2. PLA army aviation brigade in flight training

  3. Brazilians protest old Indian Museum

  4. Heartbreaking farewell to hero schoolmaster

  5. Beijingers see first sunshine in seven days

  6. Cities surrounded by pollution

  7. Corruption curbs crimp luxury market

  8. Come and enjoy Yangge dance in ice and snow

  9. Experience the folk culture in NE China's snow house

  10. 'The Grandmaster' exceeds expectations

Most Popular


  1. Tax wrong weapon to combat home prices
  2. What you may not know about studying abroad
  3. Encircling China just Japan's wishful thinking
  4. Editorial: Prudence in urbanization
  5. Japan PM Abe's regional trip 'targets China'
  6. Why won't people give up driving in hazy weather?
  7. Political inertia hinders gun control action
  8. Why supervision on 'drug chicken' lacks intensity
  9. US won’t let Japan go its own way
  10. Taxi shortage a big headache in China

What’s happening in China

Railway staff members express Spring Festival greetings

  1. Old pipes may taint Beijing water
  2. Report says sick chickens sold
  3. Tickets tight for Spring Festival
  4. Extra cross-Strait flights during Spring Festival
  5. 'Family feud dramas' concern TV viewers