7 Million Government-sponsored Homes to Hit the Market Next Year

(CRI) The Chinese Ministry of Housing has announced plans to start work on 7-million new affordable homes across the country next year.

Among the 7 million homes, 4.8 million of them have to be finished by the end of next year.

This comes as property developers across China find themselves unable to borrow money for new projects, as nine in every 10-homes which they've built have yet to be purchased.

New home prices here in China have dropped 11-percent so far this year.

None of the 70 major cities monitored by the National Bureau of Statistics saw price increases last month.

In making the announcement, China's Housing Minster contends the creation of new government housing will help create a new boom in construction and boost economic growth.

Source: CRI