China\'s Ministry of Finance said on Thursday it had given 66 billion yuan (US$10.5 billion) to local governments to help build public housing for rent, one of five categories of state-subsidised affordable housing.
The money, which the ministry said had been dispersed recently, will build public-rent housing, the second-lowest tier of homes in its affordable housing programme.
It follows earlier announcements by the ministry that 21.2 billion yuan had been given to rebuild shanty towns and another 10.5 billion yuan had been given for construction of low-rent homes, the bottom tier of social housing.
Government spending on affordable homes is expected to cushion the impact of slowing private sector real estate investment to the overall economy.
The money, which the ministry said had been dispersed recently, will build public-rent housing, the second-lowest tier of homes in its affordable housing programme.
It follows earlier announcements by the ministry that 21.2 billion yuan had been given to rebuild shanty towns and another 10.5 billion yuan had been given for construction of low-rent homes, the bottom tier of social housing.
Government spending on affordable homes is expected to cushion the impact of slowing private sector real estate investment to the overall economy.