China makes massive investment in affordable housing

BEIJING - China invested 820 billion yuan ($129.4 billion) in building affordable housing units for low-income groups in the first eight months of this year, the Ministry of Housing and Urban-Rural Development (MOHURD) said Monday.

Local governments across the country have started building 6.5 million government-subsidized housing units from January to August, up from 5.8 million units in the first seven months of the year, according to the MOHURD.

The construction of affordable housing in August brought the government one step closer to achieving the its goal of starting construction on over 7 million units this year as part of its five-year plan to build 36 million such units by 2015.

Construction on 4.2 million affordable housing units was basically completed in the January-August after pooling a total investment of 820 billion yuan.

The government has stepped up its efforts in the construction of affordable housing in recent years, aiming to cool the country's runaway property prices.