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New loans, money supply growth down in July

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3. Construction started on 7.21 million subsidized apartments

Construction workers broke ground on 7.21 million subsidized apartments from January to July, 72 percent of the State Council's target for the year.

Construction workers broke ground on 7.21 million subsidized apartments from January to July, 72 percent of the State Council's target for the year, the housing ministry said Friday. The pace of new public housing construction sped up in July as provinces lagging behind their targets stepped up the pace of construction, the ministry said. Inner Mongolia (at 61.5 percent of its quota in June), Fujian (58.16 percent) and Hunan (36.49 percent) saw substantial growth in new construction, fulfilling 75 percent, 82 percent and 62 percent of their quotas, respectively. The State Council plan calls for ground to be broken on 10 million subsidized housing units by the end of the year. The policy is a key component of government efforts to provide relief to the millions of Chinese priced out of the urban housing market and rein in skyrocketing real estate prices.

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