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Nearly 10b yuan embezzled from affordable housing funds: auditors
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Nearly 10 billion yuan (US$1.6 billion) allocated or raised for affordable housing projects was embezzled by contractors, financing platform operators and government bodies in 2014, China's top auditing authority has found.
Around 200 audited entities illegally used the targeted funds to make loans and repay debts, or for investment and operation expenditures, according to a report published on Monday by the National Audit Office (NAO).
China earmarked 560 billion yuan to promote affordable homes last year, while companies and official agencies involved in the projects raised another 1 trillion yuan through bank loans and corporate bonds.
Excessive taxation, default in arrears and homes used for profit were other problems discovered by the agency.
The NAO has asked those involved to make overhauls. They said cases of suspected law violations are under investigation. More than 4 billion yuan of misused funds has been recovered as of June 10.
China has stepped up the construction of affordable homes to improve people's livelihood and stimulate the economy. More than 550 million apartments were constructed last year, 12 percent higher than the official target.
The NAO said affordable housing pushed ahead urban infrastructure and propped up the economic growth.
The audit, conducted from January to March, covered more than 40,000 companies and government agencies and almost 300,000 homes nationwide.
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