Chinese real estate developers kept their distance from repeated appeals by officials to accelerate the country's affordable housing construction. About 30 out of 100 housing developers had participated in the affordable housing construction from 2007 to 2010. Chinese property companies' reluctance to undertake a less profitable investment, said a report on Chinese realty firms' social responsibility, which was released by MOHURD ( Ministry of Housing and Urban-Rural Development.
Realty companies source said we had fulfilled our social responsibility quite well in the past years.
Mr. Shen Jianzhong, Director, Department of Housing Market Supervision and Regulation with the ministry said, "Only by fulfilling their social responsibility by incorporating their business into wider interests regarding more groups can property companies have conditions for their sustained development".
The Chinese housing market is increasingly viewed as a political issue that influence social stability because skyrocketing prices were blamed to widen the rich and poor people gap in the country. Chinese government triggered widespread complaints from the public who can't afford a house in cities.
To curb excessive home price increases, the Chinese government has adopted a series of tightening measures to guard against speculation, including higher down payments.
Chinese government also planned to build 3.6 crore affordable housing units for low-income families over the next 5 years, of which one crore million units will begin construction in 2011.
Sales price of such affordable homes are restricted by the government and can only be sold to or rented by middle/ low-income people. This limiting the builders and a developers' profits.
However, about 3 Lakh affordable housing units have broke ground nationwide by the end of May, 2011. A lot of local government officials said, ''Wey did not have sufficient fund to support the construction of affordable housing"".
Realty companies source said we had fulfilled our social responsibility quite well in the past years.
Mr. Shen Jianzhong, Director, Department of Housing Market Supervision and Regulation with the ministry said, "Only by fulfilling their social responsibility by incorporating their business into wider interests regarding more groups can property companies have conditions for their sustained development".
The Chinese housing market is increasingly viewed as a political issue that influence social stability because skyrocketing prices were blamed to widen the rich and poor people gap in the country. Chinese government triggered widespread complaints from the public who can't afford a house in cities.
To curb excessive home price increases, the Chinese government has adopted a series of tightening measures to guard against speculation, including higher down payments.
Chinese government also planned to build 3.6 crore affordable housing units for low-income families over the next 5 years, of which one crore million units will begin construction in 2011.
Sales price of such affordable homes are restricted by the government and can only be sold to or rented by middle/ low-income people. This limiting the builders and a developers' profits.
However, about 3 Lakh affordable housing units have broke ground nationwide by the end of May, 2011. A lot of local government officials said, ''Wey did not have sufficient fund to support the construction of affordable housing"".
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