China starts construction on 5.8 mln low-income housing units

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Construction on 3.6 million affordable² homes has been basically completed in the period, the ministry said in a brief statement on its website.

The government vowed³ to start construction on more than 7 million low-income housing units this year, part of its five-year plan to build 36 million such units by 2015.

The government has stepped up its efforts in the construction of affordable housing in recent years, aiming to cool the country's runaway⁴ property prices.

According an official with the ministry, the country also broke ground on 4.35 million low-rent apartments for rent by urban low-income households, and 3.21 million apartments for rent by urban middle-income families, new employees and migrant workers with stable jobs from 2009 to 2011.

China has vowed to build 36 million affordable housing units during the 2011-2015 period to meet the demand from low-income families. In 2011, it started construction on 10 million units.

In June, 25 out of a statistical⁵ pool of 70 major cities recorded higher new home prices than in the previous month, while 21 cities saw drops in new home prices, according to official data.

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