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Published on : Dec 24, 2013

It seems that China is keen on keeping up its efforts to give its citizens access to more affordable housing. As part of this plan, citizens can expect millions of more affordable residential units. Officials also said that in 2014, China will continue to stand by its currently imposed property market control measures.

According to new sources, China has made public its plans to begin the construction of over six million housing units that fall within the purview of affordable housing. Of these six million units, the company plans to accomplish the construction of over 4.8 million units by the end of 2014. These announcements were made by China’s minister of housing and urban-rural development Jiang Weixin at a national work conference this week. 

In 2013 as well, China successfully completed the construction of over 4.7 million affordable housing units. In the same year, it started the construction of another 6.3 million residential units that it plans to complete soon. These statistics were furnished by the ministry of housing and urban-rural development.

In order to successful get the affordable housing plan underway, China will ensure that more land is made available at affordable rates. The increased supply of land will in turn support the construction of affordable housing units. 

At the same time, the country will continue to watch over the stringent implementation of its existing affordable housing policies so as to keep a check on the surging property prices in most of its major cities. 

In spite of new measures to contain the surging prices of residential units in virtually all major Chinese cities (including Beijing, Shanghai, Shenzhen and Nanjing), there were reports that the prices of property continued to rise here. It was in the backdrop of these reports that the Minister made the affordable housing announcement this week.