Bloomberg News has story HERE.
Some tidbits (and analyst says that even these goals may not be sufficient):
China....has completed 3.7 million of the 5.8 million low-cost homes targeted for 2010...China invested 470 billion yuan ($71 billion) in the construction of social housing this year, accounting for 60 percent of the year's budget, the Ministry of Housing and Urban-Rural Development said Sept. 20 in a statement. China also allocated a 69.2 billion yuan subsidy for the construction of such homes this year, the ministry said...The social housing plan may add 1.5 percentage points to China’s economic growth in both 2010 and 2011, Bank of America Corp.’s Merrill Lynch unit said in a Dec. 15 report. The brokerage estimated that the 5.8 million units, which include 3 million new homes and 2.8 million refurbished apartments, will cost 700 billion yuan this year. The 10 million planned next year will add a further 1.3 trillion yuan, it said.
Originally created and posted on the Oregon Housing Blog.
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