jeudi 15 août 2013

Corruption in the Chinese Real Estate industry !

Corruption in the Chinese Real Estate industry ! 

An emblematic social program of the Chinese government that would enable millions of low-income families to decent housing, was marred last year by hijacking an amount exceeding EUR 700 million according to an official body.

  5.8 billion yuan

A total of 5.8 billion yuan (708 million) were used to misuse, such as to finance expropriation or demolition, said on its website the National Audit Office of China (CNAO). The funds were "diverted" to the benefit of 360 projects and organizations, recognized this body to monitor the use of public money.
Rising prices concerned authorities

 housing prices in recent years has excluded large parts of the population of homeownership

The property prices have become a serious problem in China, where high housing prices in recent years has excluded large parts of the population of homeownership. The Chinese authorities are concerned about rising property prices, well above inflation. The average price per square meter in 100 Chinese cities has reached 10,300 yuan (1,250 euros) in July, up 7.9% year on year. 36 million low-cost housing
The Chinese authorities, who fear anything that is likely to cause social unrest, therefore plans to build 36 million low-cost housing in the five-year plan (2011-2015) in progress. This program, which was allocated a budget of nearly 880 billion yuan (107 billion euros) last year, helped build 5.9 million units in 2012 and to help 9 5 million families. But 110,000 families who presented forged documents, have benefited from this assistance when they should not have to qualify, according to CNAO.

At a time when the market for Chinese Beijing real estate suffers from the acceleration in prices, housing is cheap marred by embezzlement. 

read Real Estate website in China 

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