close
This ad will auto close in 10 seconds

China aims for target of 6 million public homes in 2014

China aims to start building at least 6 million units of public housing next year, state media said on Saturday, reinforcing a government effort to supply more low-cost homes to counter record property prices.



Beijing: China aims to start building at least 6 million units of public housing next year, state media said on Saturday, reinforcing a government effort to supply more low-cost homes to counter record property prices.

But next year`s target is lower than the 2013 objective, even though China built more public homes this year than it had planned, Xinhua said, citing the Ministry of Housing and Urban-Rural Development.

The country began building 6.7 million units of public homes this year and has completed 80 percent of them, Xinhua said. The government had intended to start work on 6.3 million units in 2013 and finish building three-quarters of them.

Large-scale construction of public homes in China not only supports growth in the world`s second-largest economy, it also helps to quell discontent over soaring house prices.

Yet some have in the past criticized China`s public homes - also known as affordable housing - as being ineffective because they say good apartments are set aside for officials, leaving poorly built ones for the public.

China`s house prices rose at their fastest pace on record last month in defiance of a four-year government campaign to calm an exuberant property market.

From Zee News

0 Comment - Join the Discussions

trending

photo gallery

video


WION FEATURES

K8 Plus: Lenovo's new phone available @ Rs 10,999

Heavy security outside Dera Sacha Sauda headquarters in Sirsa as search operation begins

WATCH Exclusive: After Doklam standoff, India begins road construction near LAC

Hurricane Irma, rampaging through Caribbean, is most enduring super-storm on record

Three train derailments in 1 day, fourth accident narrowly-averted

China says Indian Army chief's views contrary to those expressed by Modi, Xi