Managing the housing needs of the world’s most populous nation is no easy task.
As the world’s second largest economy, everything that is done in China has to be done in a big way. Back in 2008, China convincingly illustrated to the world, its intent to be recognised as a world power and showed it off in a big way by hosting the 2008 China Olympic Games, in the grandest of fashion and scale. China is big and is about to get even bigger.
This year alone, out of 6.7 million public homes under construction, 80 per cent has already seen completion.
To support economic growth and to ease public discontent over soaring house prices, China has undertaken a massive consruction of public homes, reinforcing its official effort to provide more low cost homes to counter record property prices.
Defying a four year official government campaign to calm a buoyant and exuberant property market, China’s home prices recorded its fastest pace of growth last month.
China’s 2014 public housing target is 6 million homes.
Authorship: Zen Tan