China to invest in economy housing
16/6/2003 14:29
China will invest 158 billion yuan (US$11 billion) to build 200 million
square meters of economy property projects this year to provide affordable
housing to people of low-to-middle income status, according to the notice
jointly issued by three government bodies.
The area planned for next year
is 127 million square meters with investment reaching 166 billion yuan,
according to the notice.
The notice also urged local governments to
ensure transparent land use and construction for these projects and also
required banks to apply strict credit criteria when extending loans for the
projects.
The three government bodies include the Ministry of
Construction, the State Development Planning Commission and the Ministry of Land
and Resources.
Jane Chen / Shanghai Daily news
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