The Chinese Ministry of Housing and Urban-Rural Development is in the process of signing strict agreements with provincial authorities to guarantee the building of 10 million government-subsidized apartments this year, state media reported. Should the target be met, it would represent a 72.4% increase on subsidized homes built in 2010. Enforcing these agreements can sometimes be difficult, as local governments often ignore social housing in favor of more lucrative private deals. The announcement comes after the State Council last month announced measures to curb rising home prices and called for more homes that poorer Chinese citizens can afford. “If 10 million subsidized apartments, which is almost as many new commercial housing projects as appear in the country in a year, can be constructed this year, the rise in property prices will be slowed down greatly,” said Li Chang’an, a public policy professor at the Beijing-based University of International Business and Economics.
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