Latest News:  

English>>China Society

Nearly 943 mln USD embezzled from China's affordable housing project


21:02, June 27, 2013

BEIJING, June 27 (Xinhua) -- China's top auditor said Thursday that nearly 5.8 billion yuan (943 million U.S. dollars) in funds meant for low-incoming housing projects was embezzled last year.

The goal of the project construction was reached as governmentshave allocated about 412.9 billion yuan and collected 466.8 billion yuan through loans and issuances of enterprise bonds, saidLiu Jiayi, auditor general of the National Audit Office (NAO), at the ongoing session of the Standing Committee of the National People's Congress (NPC), China's top legislature.

However, he said project fund management and distribution in some areas failed to meet standards.

About 18,300 housing units were sold by construction companies,which violates regulations, he said.

Nearly 120,000 households taking advantage of the project were found to be unqualified to do so, either because their income exceeded the standard or because they took advantage of loopholes to secure multiple low-incoming housing units, according to Liu.

After the audit, 1.27 billion yuan was recovered and 18,900 households ineligible for low-income units were removed from the list, he added.

China has vowed to build 36 million affordable housing units during the 2011-2015 period to meet the demand from low-income families.

The program, first approved in 1999, is designed to provide less costly housing to wage-earning workers and low-rent homes to poverty-stricken residents edged out by the country's runaway realestate prices in recent years.

We Recommend:

Abuse by tourists led to stranded dolphin's death

The Bund turns into beach in Shanghai

Controversial audition of 'blind date with rich'

So young: Middle school students in 1980s

Photo story: The ordinary love

Basha, the last gunman tribe in China

A mother's hardship and resilience

Graduation ceremony of future flight attendants

Photos: Searing heat wave sweeping China

Email|Print|Comments(Editor:YanMeng、Wang Jinxue)

Leave your comment0 comments

  1. Name


Selections for you

  1. Special operation members in training

  2. People present wishes to Mandela

  3. Rescue operations resume in India

  4. A university graduate's shepherd career

  5. Father Chen and his 2,000 children

  6. Photos: Hazy life in Beijing

  7. Most beautiful bodies in the world

  8. Are they still beautiful without bang?

  9. Chinese shares extend losses

  10. Setting sail into uncharted waters

Most Popular


  1. No pains, no gains for China's economy
  2. 'Kingdom of Bicycles' rises again
  3. Positive energy needed in Sino-British relations
  4. Chinese official calls for balance in urbanization
  5. US role in Syria exposes the evils of hegemony
  6. Prism program – who are the principal victims?
  7. Stocks hold steady, but brokers still cautious
  8. China 'most promising' in FDI
  9. Shanghai kids more likely to have asthma
  10. Money not the answer to all problems

What’s happening in China

A university graduate's shepherd career

  1. Teens learn looks count
  2. Woman, 68, washes dishes for grandson's college
  3. 19 foreigners arrested for shoplifting
  4. Old couple sells home to give 1.6m yuan to college
  5. Guangzhou adding 72-hour transit visa waiver