China nears annual affordable housing target

BEIJING - China has almost realized the annual target for its affordable housing program, data from the Ministry of Housing and Urban-Rural Development shows.

The construction of 6.85 million units of affordable housing has already begun this year, accounting for around 92 percent of the 7.4 million units planned for the whole year, according to the ministry.

As of the end of September, construction of 6.25 million units was "nearly completed," far more than the 4.8 million target.

Approved in 1999, the program will provide cheaper housing to low-income families who have been priced out of the housing market.

Over the past four years, more than 20 million affordable houses were completed across the country. The State Council, China's cabinet, earlier announced a plan to build 18 million apartments in urban areas and renovate 10.6 million rural houses between 2015 and 2017.