Chinese government encourages affordable housing for low-income earners

Chinese government encourages affordable housing for low-income earners

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The nation’s housing authorities have said that property prices in China have increased to a new level. Due to these circumstances, the government of China is taking necessary steps in order to make housing more affordable to low-income earners.

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China began with the construction of about 24.9 million affordable housing units from 2011 to 2013. The affordable housing construction accounts for almost 70% of the construction target, which includes 36 million during the period from 2011 to 2015. The Ministry of Housing and Urban-Rural Development said that from 2011 to 2013, the country managed to build 15.77 million affordable units, which also included the renovation of 6.68 million households.

The affordable housing program was first approved in 1999 and it was designed with an aim to provide houses which can be afforded by wage-earning workers, as well as low-rent homes to residents who are poverty-stricken. The program was meant to allow low-income families to own a house as the real estate market in the country overheated in the last couple of years.

The development of property in China has always been a major issue. Apart from building affordable housing facilities, the government is also trying to increase the national GDP and is launching building developments across the country in order to promote economic development.

Photo Credits: Business Week