Xinhua reports that a top auditor in China found that 5.8 billion yuan (US$943 million) for low-income housing had been embezzled in the past year:
The goal of the project construction was reached as governmentshave allocated about 412.9 billion yuan and collected 466.8 billion yuan through loans and issuances of enterprise bonds, said Liu Jiayi, auditor general of the National Audit Office (NAO), at the ongoing session of the Standing Committee of the National People’s Congress (NPC), China’s top legislature.
However, he said project fund management and distribution in some areas failed to meet standards.
About 18,300 housing units were sold by construction companies,which violates regulations, he said.[Source]
Further, the Chinese military’s misuse of funds in its construction projects has led to anti-corruption investigations backed by Xi Jinping. The Global Times reports:
China will launch a sweeping investigation into construction and real estate projects owned by the military.
Fan Changlong, vice chairman of the Central Military Commission (CMC), told a national teleconference held Thursday that the investigation should be “thorough, accurate and reliable.”
Fan ordered military leaders to properly manage military real estate assets, strictly control the number of new construction projects and practice frugality in construction projects.[Source]
Read more about affordable housing in China via CDT.
