China allocated more than 7.7 billion yuan (1.054 billion U.S.
dollars) in 2007 to fund low-rent housing, according to statistics
released by the Ministry of Construction (MOC) on Friday.
This figure surpassed the total previous amount spent in this
manner since the low-income housing drive began nationwide in
2003.
The ministry said that the program helped 681,000 low-income
urban families improve their living conditions this year.
In a bid to provide low-cost housing to those most in need, the
MOC, the Ministry of Land and Resources (MLR) and seven other
ministries released the low-rent housing guarantee policy this past
November. The policy took effect on Dec. 1.
This policy was targeted at the 10 million low-income urban
families whose living space was less than 10 square meters per
person, accounting for 5.5 percent of all Chinese households.
The low-rent housing guarantee policy was built on the back of
the low-rent housing system. By the end of October, the low-rent
housing system had been established in all 656 cities
nationwide.
Official figures showed from January to November, housing prices
rose 7.3 percent year-on-year, with new home prices up 7.9 percent.
Housing prices in 70 major cities skyrocketed by 10.5 percent this
November from the previous month. These price rises have become a
major concern for the government and the public.
(Xinhua News Agency December 29, 2007)