China Promises Millions of Low-cost Homes

By: Associated Press
By: Associated Press

BEIJING (AP) - China's government says it will spend nearly $200
billion this year building 10 million low-cost homes.

Wednesday's announcement is part of promises by communist authorities to spread prosperity to China's poor majority and ease
the burden of surging housing costs.

A deputy housing minister, Qi Ji, said Beijing will also regulate rental prices.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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