China plans to crack down on graft and abuse of power in the real estate sector, Reuters reported, citing a Friday report by the official Xinhua news agency. The new draft rules set conditions for the application, allocation, use and rent of public housing as well as subsidies and administrative oversight, strengthening penalties for fraud and illegal use of public housing. The anti-corruption measures are part of an urbanization program in which millions of Chinese will migrate into cities from the countryside, underpinning a restructuring of the country’s economy.
Categories