10b yuan misused in housing projects

Nearly 10 billion yuan ($1.6 billion) allocated or raised for affordable-housing projects last year was misused by contractors, financing platform operators and government agencies, the top auditing authority has found.

About 200 audited entities used the funds illegally to make loans and repay debts, or for investment and operational spending, according to a report by the National Audit Office on Monday.

The audit, conducted from January to March, included more than 40,000 companies and government agencies and almost 300,000 homes nationwide.