10 Million affordable homes to be built in China

10 Million affordable homes to be built in China

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Asia Bizz: China has taken the issue of land and property rates in a very serious manner, thus the country is planning to build 10 million homes in 2011, which is a part of a project that will provide 36 millions homes for the low income people in the country. The entire project shall span during the 12th five year plan (2011-15).

It is a mega project kept forward by China and will  need a huge investment of 1.3 trillion Yuan. This project has been spearheaded by the Housing and Urban-Rural Development of China along with the country’s government. China’s government will provide finance to this project but there shall be a loan process involved too.

China’s government will provide around 500 billion Yuan and the rest is scheduled to be provided by non-government organizations. The construction had begun back in 2010 where 5.9 million homes were government subsidized and 3.7 were completed in due time.