China set to build 6m units of affordable housing in 2014

China is expected to continue its affordable housing scheme into 2014, with over six million units set to begin construction in the new year, according to a state media report on Tuesday December 17.

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The country has completed 5.4 million units as at the end of November, having commenced construction on 6.7 million units at the start of 2013, its ministry of housing and urban-rural development disclosed on Monday.

This is beyond its initial plan of starting work on 6.3 million units and completing 4.7 million units during the year.

A total of 1.1 trillion yuan ($180 billion) has been spent on the affordable housing initiative during the first eleven months of this year, the ministry said.

China aims to build 36 million units of affordable houses under its 12th Five-Year Plan, which spans from 2011 to 2015. Construction on 24 million units had commenced since 2011, and of those, 15 million units have been completed, according to a report in the state-owned People’s Daily.