China Provides $10.5 Billion to Local Governments for Public Housing

摘要

On May 24, China's Ministry of Finance announced that it had given 66 billion yuan (about $10.5 billion) to local governments to help build public-rent housing. This follows earlier announcements of a 21.2 billion yuan disbursement to rebuild shanty towns and another 10.5 billion yuan for the construction of low-rent homes. Public-rent housing is the second-lowest tier of homes in China's state-subsidized affordable housing initiatives; low-rent housing is the bottom tier.