| New agency approved to secure affordable housing |
CHINA'S central government has approved the Ministry of Construction to set up a department to secure a living place for low income families and monitor the use of public housing funds, Vice Minister of Construction Qi Ji said today.
All cities should ensure low-income applicants living in small apartments get a government-subsidized low-rent home by the end of this year, and the policy should be expanded to the whole country by 2010, Qi said.
About 10 million low-income urban families, whose per capita living space is smaller than 10 square meters, should be covered in the budget housing system, Qi said.
Statistics bureaus in each should map out their own standards for low income families according to local conditions, Qi said.
Income gained from public housing funds should be used to build more low-rent houses, and at least 10 percent of net proceeds from land transfers by local governments should be designated for development of low-rent apartments, Qi said.
The central government will allocate funds to aid poverty-stricken areas in middle and western China, Qi said.
Local governments also should secure the land supply for homes and stick to the two "70 percent" policies, Qi said.
The two polices are:
*Budget homes, low-rent homes and apartments covering less than 90 square meters must account for at least 70 percent of total development.
*Land supply for homes of the above three types should also be equal to or more than 70 percent of a city's total supply.
Management of public funds has been in the spotlight since a series of embezzlement scandals became public last year.
Qi also encouraged Chinese residents to rent an apartment rather than buy one.
The ownership rate of private homes in China's cities may be the highest of anywhere in the world, which should allow ample supply for those who want to rent a residence, Qi said.
Many people complained that they can't afford to buy an apartment, but few have complained that they can't afford to rent, Qi said.
"The government will offer more support and helps to low income families who are not able to buy a residence or rent one," Qi said.
"Without the government's macro-controls, the housing prices would surge at a much faster pace," Qi said.
He said the government will provide more low-priced apartments as well as improving management of the real estate market.
"The government will keep exposing developers who illegally drive up housing prices through practices such as reserving properties," Qi said.
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