100 Billion Yuan loan to be provided by China Development Bank for...

100 Billion Yuan loan to be provided by China Development Bank for affordable housing project

289
0
SHARE

Asia Bizz: China Development Bank (CDB) will provide a loan worth 100 billion Yuan for the development of affordable housing projects this year. The money shall be allotted to the Ministry of Housing and Urban-Rural Development who will go ahead to build 10 million affordable homes during the year 2011. As of now, the country’s primary target is to provide proper housing to its rural class people.

The entire project will cost around 1.4 trillion Yuan and with a loan provided worth 100 billion there shall be some relief towards the ministry. Minister Jiang Weixin has said that the finance needed to construct 10 million units will be the hardest part of this project.

As of now, the CDB and the Housing Ministry have joined hands to find out proper ways to accumulate the finance needed to allocated this project. The housing project will be divided into two parts, one shall be a long term plan for allocation of homes and its construction and the other a mid term plan for its development.