China injects $80b into affordable housing

BEIJING -- China invested 507 billion yuan ($80.48 billion) in government-subsidized housing in the first half of this year, according to figures released by the Ministry of Housing and Urban-Rural Development on Monday.

In the first six months of 2012, local authorities began constructing 4.7 million affordable housing units, compared to 3.46 million units in the first five months, the ministry said.

To date, 2.6 million affordable housing units have been completed, just over half the 5-million-unit target set by the government for the end of 2012, according to the ministry.

The government plans to start construction on at least 7 million units this year, the ministry said.

China has vowed to build 36 million affordable housing units during the 2011-15 period in a bid to meet the demands of low-income families and cool the property market. Construction on 10 million units began last year.