China has stepped up financial support to the construction of subsidized housing this year, according to data issued on Tuesday by the country's banking regulator.
Financial institutions have issued 148.7 billion yuan (23.57 billion U.S. dollars) to such projects in the first nine months of the year, an increase of 47.6 percent from a year earlier, the China Banking Regulatory Commission (CBRC) revealed.
Outstanding loans for subsidized housing projects totaled 613.9 billion yuan as of the end of September, the CBRC said.
The lending surge came as the government vowed to build 36 million affordable housing units during the 2011-2015 period in a bid to meet the demands of low-income families and cool the runaway property market.
Official housing data showed that in the first nine months of the year, local governments across the country have started constructing 7.2 million affordable housing units, exceeding the annual target of 7 million units.
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