China’s central government has given out 66 billion yuan (S$13.3 billion) in subsidies to help build 2.3 million public homes for rent this year, said the Ministry of Finance.
The homes are just one of five categories of state-subsidised public housing in the country.
The Ministry had earlier announced that 10.5 billion yuan (S$2.12 billion) had been allocated to construct such rental homes and 21.2 billion yuan (S$4.28 billion) would be used to rebuild shanty towns.
Media reports said that government spending on affordable housing is expected to cushion the impact of slowing property investment in the private sector to China’s overall economy.
In a bid to make housing more affordable, the central government will provide more rental homes, construct more subsidized housing for sale and rebuild slums.
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