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When China does things, they do it big. To stop housing inflation, China will invest about 1.3 trillion yuan, or approximately $197.9B, this year on building or renovating 10 million affordable apartments, people.com.cn reported Wednesday. The report cites Qi Ji, vice-minister of Housing and Urban-Rural Development.
The government is expected to directly invest about 500 billion yuan. Social organizations, beneficiaries and enterprises will be asked to contribute the remaining 800 billion yuan.
According to the plan, it will cost about 500 billion yuan to improve living conditions for four million households.
Construction of 5.9 million government-subsidized homes began in 2010, of which 3.7 million have been finished, according to the ministry.
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