Related News

Home » Business » Real Estate

Low-rent apartments get boost in funding

THE central government will invest up to 33 billion yuan (US$4.82 billion) this year to help build low-rent apartments across the country, "several times" the amount budgeted in past years, a top official said yesterday.

The move is part of a three-year plan to address the housing problems facing 7.5 million low-income city residents and 2.4 million people living in less developed areas, Qi Ji, vice minister of Housing and Urban-Rural Development, told a news conference on the sidelines of the annual session of the National People's Congress in Beijing.

China also plans to address the needs of those who earn too much to qualify for the low-rent flats but still can't afford to pay market rental prices, including new graduates and white-collar workers from other cities, Qi said.

Trial programs for that plan are under way in cities including Xiamen, Shenzhen, Beijing and Tianjin.

"Such apartments, owned either by the government or public organizations, will help solve housing problems for a large number of people who are unable to improve their living conditions under the country's current housing system," said Chen Shen, head of research at the China Index Academy's east China branch, a real estate research company.

"But the initiative is still at a very early stage, and it will take some time for it to benefit the large number of people who earn medium incomes but still can't afford their own places."

China has been making substantial efforts to improve the living conditions of its citizens over the past few years.

In 2005, about 10 million families were living in houses with a per-person area of less than 10 square meters. By the end of last year, some 2.5 million families were able to improve their living conditions through various assistance plans from the government, according to ministry statistics.

Meanwhile, 2.29 million families have received housing subsidies from the government during the three years, Qi said.

In 2008 alone, China spent more than 30 billion yuan on the construction of low-rent housing, and 630,000 units of low-rent homes are currently under construction across the country.

Also last year, China kicked off construction on more than 90 million square meters of budget houses that people can buy. About 60 million square meters worth of these residences has been completed, according to Qi.

The central government will spare no effort to meet its targets for this year, Qi said. It will ensure adequate capital and land resources while requiring local governments to take more responsible roles in their housing projects, the official said.


Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.

沪公网安备 31010602000204号

Email this to your friend