China's MOF allocates another 33.7 bln yuan to fund public housing

China's Ministry of Finance said Friday it has added another 33.7 billion yuan (about 5.19 billion U.S. dollars) in subsidies to fund public housing projects.
The central government subsidies will be used to support construction of low-rent housing and public rental housing projects, as well as housing projects in run-down areas that will undergo renovation and other related infrastructure projects, the MOF said in a statement on its website.
To date, the MOF has altogether earmarked 43.7 billion yuan for low-income housing projects this year, among which 11.7 billion will be channelled into the low-rent housing program, 21 billion into public rental housing and 11 billion for projects in run-down areas that will undergo renovation in cities, the statement said.
The Chinese government plans to build 10 million units of low-income housing this year in an effort to cool its red-hot property market.
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