China Sets a Target of 7 Million Low-Income Housing Units in 2012

China plans to begin construction or renovation on at least 7 million housing units for low-income groups next year, Minister of Housing and Urban-Rural Development Jiang Weixin said on December 23.

The target covers both newly-built subsidized housing units and houses in run-down areas that will undergo renovation, Jiang said at a meeting.

Construction should be basically finished on 5 million of those housing units next year, he said.

Residents' reasonable demand for house buying will be supported and priority will be given to meeting the first-time buyers' need for loans, he noted, while reiterating that regulation on the property sector will continue.

Source: Xinhua