Print This Page Email This Page
Over US$1 Bln Allocated to Fund Low-rent Housing

China allocated more than 7.7 billion yuan (US$1.054 billion) in 2007 to fund low-rent housing, according to statistics released by the Ministry of Construction (MOC) on Friday.

This figure surpassed the total previous amount spent in this manner since the low-income housing drive began nationwide in 2003.

The ministry said that the program helped 681,000 low-income urban families improve their living conditions this year.

In a bid to provide low-cost housing to those most in need, the MOC, the Ministry of Land and Resources (MLR) and seven other ministries released the low-rent housing guarantee policy this past November. The policy took effect on December 1.

This policy was targeted at the 10 million low-income urban families whose living space was less than 10 square meters per person, accounting for 5.5 percent of all Chinese households.

The low-rent housing guarantee policy was built on the back of the low-rent housing system. By the end of October, the low-rent housing system had been established in all 656 cities nationwide.

Official figures showed from January to November, housing prices rose 7.3 percent year-on-year, with new home prices up 7.9 percent. Housing prices in 70 major cities skyrocketed by 10.5 percent this November from the previous month. These price rises have become a major concern for the government and the public.

(Xinhua News Agency December 29, 2007)

Related Stories
- Measures to Ensure Affordable Housing
- Gov't Urged to Save Land for Low-income Housing
- Housing Fund to Be Raised for Low-income Families
- Low-rent Housing to Cover Urban Low-incomers
- Low-rent Housing a Priority

Print This Page Email This Page
River Ecology Targeted
Government to Speed up Salary Rises
Round-trip Tickets Home Available for Rural Workers
6 Enterprises Apologize for Pollution
China to Create National Compensation System
China Encourages Development of Private Foundations for Social Welfare

Product Directory
China Search
Country Search
Hot Buys