10b yuan subsidy for affordable housing

China's government will offer 10 billion yuan ($1.46 billion) in subsidies for affordable housing, the National Development and Reform Commission said yesterday.

The move is in accordance with the State Council, China's cabinet's latest measures to boost the sluggish property market.

The government today called on lenders to increase loans to developers of low-priced housing to alleviate an estimated shortage of 7.5 million homes in cities and 2.4 million in rural parts of China.