China widens support for affordable housing projects
SHANGHAI (Feb 7): China has released a series of measures in an effort to broaden funding sources and increase investment in affordable housing projects in 2012, the Ministry of Finance said.
The income of local government bonds and property taxes shall be first used for affordable housing projects, the finance ministry said in a statement on its website, www.mof.gov.cn, on Monday.
Local governments can set apart their fiscal budget to support the transformation of shanty towns and allocate funds to improve supporting facilities around affordable housing communities, it said.
Commercial banks can give discounts on loans to these projects and the period cannot be more than 15 years.
China aims to construct 36 million units of state-subsidised housing -- also called affordable housing, public housing, or social housing -- between 2011 and 2015. - Reuters

SHANGHAI (Feb 7): China has released a series of measures in an effort to broaden funding sources and increase investment in affordable housing projects in 2012, the Ministry of Finance said.

The income of local government bonds and property taxes shall be first used for affordable housing projects, the finance ministry said in a statement on its website, www.mof.gov.cn, on Monday.

Local governments can set apart their fiscal budget to support the transformation of shanty towns and allocate funds to improve supporting facilities around affordable housing communities, it said.

Commercial banks can give discounts on loans to these projects and the period cannot be more than 15 years.

China aims to construct 36 million units of state-subsidised housing -- also called affordable housing, public housing, or social housing -- between 2011 and 2015. — Reuters

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