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          Economy

          Guangzhou to spend 8.9b building affordable housing

          By Zheng Caixiong (China Daily)
          Updated: 2011-02-22 15:41
          Large Medium Small

          GUANGZHOU - This Guangdong provincial capital has earmarked more than 8.9 billion yuan ($1.37 billion) for the construction of affordable housing for low-income residents and migrant workers this year.

          "The large sum of money will be spent to build 20 affordable housing projects that will contain 43,000 apartments," said Zhang Qiang, deputy director of the city's affordable housing office.

          The affordable housing projects are moving forward in the city's eight districts, some of them even in downtown areas, Zhang said when answering questions posed by deputies of the Guangzhou People's Congress on Monday.

          "The investment will reach a record high in the city's history," Zhang added.

          Related readings:
          Guangzhou to spend 8.9b building affordable housing China's 2010 land supply for affordable housing jumps 124%
          Guangzhou to spend 8.9b building affordable housing Ministry to make local govt pledge subsidized housing supply
          Guangzhou to spend 8.9b building affordable housing Jan property prices rise in most cities

          In previous years, Guangzhou invested 2 billion yuan a year in building affordable apartments.

          Huang Jinfeng, deputy director of the Guangzhou land resources and housing administrative bureau, said the bureau is planning to use a variety of channels to raise the large sum of money needed for the construction of the affordable housing projects.

          Cheng Wenxuan, a Guangzhou housewife, said the plan is good news for the large number of poor families living in the city.

          "Many low-income families in Guangzhou are still living in shabby houses," she told China Daily.

          Cong Guanxiong, a white-collar worker, said the construction of affordable apartments will also benefit wealthy residents.

          "The construction of the large number of affordable apartments, plus the country's strict control policies on the real estate industry, will certainly help cool down the city's overheated property markets," Cong said.

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