China Allocates $10.5 Billion For Public Rental Housing

11626_125px-flag_of_the_peoples_republic_of_china.svg China Allocates $10.5 Billion For Public Rental Housing The Chinese Ministry of Finance is providing $10.5 billion to local governments for the construction of state-subsidized rental housing.

According to a Reuters report, this announcement is the latest in China's efforts to address its shortage of affordable housing while cushioning the severity of the cooling of private-sector real estate activity.

The Ministry of Finance expects to construct 2.3 million public rental homes by the end of this year.

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