Economy

Chinese VP urges affordable housing building in coming yrs

(Xinhua)
Updated: 2010-12-08 09:34

NINGBO, Zhejiang - Chinese Vice-Premier Li Keqiang called for building affordable housing on a massive scale in the next few years.

Li made the remarks during a two-day inspection tour to Ningbo in East China's Zhejiang province, which ended Tuesday.

Li said the country's affordable-housing policy would continue in the upcoming years so as to substantially raise the percentage of affordable housing in the real estate market.

Li urged local governments to support such projects with additional funding and land distribution.

Li also called on authorities to ensure transparency and fairness in the distribution process, to benefit those in real need.

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The Chinese government introduced various policies to cool down the real estate market this year.

Li stressed the need to discourage house purchases that are for the purpose of investment and speculation, and to increase the supply of affordable housing.