China to invest in low-cost homes

The government's promising to build or renovate修復 10 million households家庭 for low-income families this year and next. Officials will provide about 40% of the cost. The rest will be raised from the families or companies who benefit from the programme. 

It's an ambitious有雄心 target, perhaps too ambitious. The state-controlled media here says, last year, a plan to build just under six million affordable homes wasn't completed. It's getting harder and harder for families in Chinese cities to buy even a small apartment. 

The government's responded with measures to try to curb抑制 speculation推測, making it more expensive to buy second homes, and telling local governments to set price targets. Qi Ji, a housing minister, said these price curbs were an effort to direct the limited supply of housing towards those who needed it most. 

Property developers房地產開發商 are already complaining that the plans to build so many affordable homes will hit their profits利潤. Ten million units would be more than half the number of new homes built here last year. 

But China's Premier, Wen Jiabao, has promised to work harder to address public concerns about the housing market. Reports in the state media quote飲用 officials as saying a new round of controls will be introduced if property prices don't stabilise in the weeks ahead.

Chris Hogg, BBC News, Shanghai
http://www.bbc.co.uk/worldservice/learningenglish/language/wordsinthenews/2011/03/110309_witn_houseschina_page.shtml