China surpasses annual affordable housing target

BEIJING - China has surpassed annual targets set for its affordable housing program in 2015, data from the Ministry of Housing and Urban-Rural Development showed on Tuesday.

The construction of 7.47 million affordable homes had already begun by the end of October, exceeding the 7.4 million units planned for the whole year.

As of the end of October, construction of 6.88 million homes was "nearly completed," with a total investment of 1.28 trillion yuan (201.6 million US dollars), according to the ministry.

China had been aiming to complete construction of 4.8 million.

Approved in 1999, the affordable housing program is designed to cater to low-income families priced out of the market.

Over the past four years, more than 20 million affordable houses were completed across the country. The State Council, China's cabinet, announced a plan in September to build 18 million apartments in urban areas and renovate 10.6 million rural houses between 2015 and 2017.