China has invested RMB820 billion (US$129 million) in the construction of affordable housing in an attempt to rein in price growth while offsetting an otherwise slumping real estate market, Reuters reported. The Ministry of Housing and Urban-Rural Development said prior plans to build 7 million public homes and finish 5 million in 2012 are on schedule, with 4.2 million units already finished. Affordable housing construction helped to boost the annual growth in China’s real estate investment up by 17% in August, up from 9.6% year-on-year growth in July. Real estate investment accounted for 14% of the country’s GDP in the first half of the year.
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