China boost for affordable homes

BEIJING: Chinese Premier Wen Jiabao pledges to allocate more government funds to build cheap homes for low-income households and urges banks to lend more for the construction of state-subsidised housing.

China has built 8.68 million units of homes for rental or sale to poor families as of the end of August this year, putting it on track to fulfil its full-year goal of 10 million homes.

“We have made good achievements in affordable housing construction in recent years,” Wen told a cabinet meeting on Monday.

By Reuters