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Audit shows 5.8b yuan misused in affordable housing project
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Around 5.8 billion yuan (US$951 million) of funds set aside for China’s affordable housing program have been misused, the National Audit Office said today.
Most of the embezzlement was used to repay loans, replenish working capital or fund projects irrelevant to the program, China’s top auditing office said in a statement, citing the results of an auditing campaign between November 2012 and March 2013.
The audit found 108,400 households that were not qualified for the program received 38,900 units of subsidized houses and 153 million yuan in leasing subsidies by providing false information.
The audit also found 18,300 units of 34 affordable housing projects were illegally sold by developers and 5,333 subsidized units were illegally leased.
China has set a goal to build 36 million units of affordable housing between 2011 and 2015 to provide homes to low-income families.
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