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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: China to boost low-price housing, says official AFP - 2 hours 1 minute ago BEIJING (AFP) - - China said Tuesday that real-estate prices remained too high for many Chinese, vowing to provide cheap housing for millions of low-income families. "We will get the job done on... fund raising and land supply to make sure that the target of boosting low-price housing can be realised," vice housing minister Qi Ji said at a press conference. In a statement prior to the briefing, the government said housing prices remained too high for a large number of Chinese. "House prices have fallen somewhat... but are still not affordable for ordinary people," it said. "The key to revitalising the real estate market is to set reasonable prices." Beijing announced in December a real-estate stimulus package that will help find housing for 7.5 million low-income urban families and 2.4 million households in poor areas over the next three years. As part of the package, the government this year will raise subsidies to the central and western provinces to help them build more low-price houses, said Ou Hong, a senior official at the National Development and Reform Commission. It will also improve credit support to developers building low-price housing, while urging local governments to increase investment, he said. China's housing market is losing steam with demand drying up amid the global financial crisis and slumps in the domestic stock market. Urban property prices rose 0.2 percent year on year in November, lower than the 1.6 percent rise in October and the slowest growth in more than three years, according to official figures. - Dow Jones Newswires contributed to this story - Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy IPOs in China to jump 47 percent in 2009: accounting firmAFP - 1 hour 12 minutes ago China to boost low-price housing, says officialAFP - 2 hours 1 minute ago Australian business confidence hits record lows: surveyAFP - 2 hours 28 minutes ago SKorea unveils 'Green New Deals' to kick-start economyAFP - 2 hours 35 minutes ago Related Articles: Business JFE wants iron ore prices to fall to 07/08 levelsReuters - 19 minutes ago SNAPSHOT - Financial Crisis - 0715 GMTReuters - 26 minutes ago Japan business lobby sees '09 dlr range of 95-105 yenReuters - 27 minutes ago NEW ISSUE-IRFC invites bids for 7 bln rupees of bondsReuters - 27 minutes ago Indian cash rates steady on surplus cash with banksReuters - 31 minutes ago Enlarge Photo China to boost low-price housing, says official Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Steve Jobs has "hormone imbalance," to stay on as Apple CEO Jett Travolta died of 'seizure': Bahamas officials Israeli army moves on Gaza City as war toll passes 510 Pink iguanas discovered on Galapagos Islands Milky Way spins faster, has more mass than thought: astronomers View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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