China will closely monitor a national affordable housing programme estimated to cost four trillion yuan (S$756 billion) over five years, according to a report by Xinhua news service.
The report said that the Chinese government will send 10 inspection teams to 20 different provinces across the country to check the quality of the housing programme and to ensure that public money is being spent properly.
He Yong, Deputy Director of the Central Commission for Discipline Inspection, said the inspection teams will be looking for signs of “malpractice”, including the misuse of government funds, breach of duty and bribery.
Meanwhile, Beijing has pledged to construct 36 million affordable homes over the next five years to help various Chinese cities cope with the increasing population, as well as help policymakers fight high inflation rates fuelled by the housing market.
The report noted that the government has accomplished its goal by starting the construction of nearly 5.8 million homes in 2010 and has increased its target to 10 million homes this year.
However, many analysts and experts said insufficient proper funding, poor construction quality and unfair distribution will hinder the government’s ambitious plan. China’s State Audit Office reported in June that the misuse of funds and improper allocation of housing units were undermining the massive housing programme.
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