China has surpassed annual targets set for its affordable housing program in 2015, data from the Ministry of Housing and Urban-Rural Development showed on Tuesday.
The construction of 7.47 million affordable homes had already begun by the end of October, exceeding the 7.4 million units planned for the whole year.
As of the end of October, construction of 6.88 million homes was "nearly completed," with a total investment of 1.28 trillion yuan ($201.6 billion), according to the ministry.
Over the past four years, more than 20 million affordable houses were completed across the country.
The State Council, China's cabinet, announced a plan in September to build 18 million apartments in urban areas and renovate 10.6 million rural houses between 2015 and 2017.
Approved in 1999, the affordable housing program is designed to cater to low-income families priced out of the market.
Following a year-long slump, home sales and prices have increased in bigger cities over recent months, helped by a barrage of government measures aimed at reviving the key sector to arrest an economic slowdown.
Still, analysts do not expect a full-blown turnaround any time soon in the housing market, as a huge overhang of unsold homes discourages new construction and investment.
In October, local government revenue from land sales in China's 10 biggest cities rose 24 percent year-on-year, data from Shanghai-based real estate services firm E-House China showed, pointing to early signs of price stabilization in the property market.
The 10 biggest Chinese cities earned 588.9 billion yuan from land sales in the January-October period, including 73.1 billion yuan in October. But land revenues were still down 17.9 percent in the first 10 months in the cities, which include Beijing and Shanghai, according to E-House.
Selling land to developers is a major source of income for China's local governments, but a cool-down in the housing market since last year has crimped developers' demand for land.
