To address the housing problems of urban low-income families, for example, Shanghai is to pour in a total of 2 billion yuan in providing 500,000 sq m of low-rent apartments by the end of this year, Shanghai's Jiefang Daily reported on Friday.
The money will come from the 8.3 billion yuan coffers of the Shanghai public housing reserve fund.
Cong Chen, a staffer at the Department of Policy and Regulation of Shanghai Provident Fund Management Center, confirmed the information.
The project, launched last month, has already secured 150,000 sq m of land in Jiading, Baoshan and several other districts in Shanghai, 70 percent of which are completed flats.
These flats are said to be lo-cated in areas with comparatively mature transportation and living facilities, such as metro stations and bus stops, for the convenience of low-income tenants, the Jiefang Daily said.
