China's public housing fund has grown to 500 billion yuan, or some US$60 billion since the reform started in 1996. The fund helped nearly three million families to buy houses.
The sum has increased by about twenty percent from last year.
By the end of September, one third of the fund had been used by Chinese workers and pensioners with 25 billion -dollars low interest loans were granted. The fund helped nearly three million families to buy houses.
Meanwhile, management committees will be set up in most Chinese cities to help regulate the funds.
(CRI December 26, 2003)