Yu Zhengsheng

New broom prepares to revamp housing

PUBLISHED : Sunday, 12 April, 1998, 12:00am
UPDATED : Sunday, 12 April, 1998, 12:00am


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THE amount of money invested in property is to rise by 10 per cent over last year, says newly appointed Minister of Construction Yu Zhengsheng.

Economic growth of the country was projected at eight per cent this year and construction expenditure would contribute 0.5 to one per cent of that, Xinhua yesterday quoted the minister as saying.

Controlling about 35 million building workers in the country, the Ministry of Construction was responsible for providing adequate housing and infrastructural facilities, he said. Various obstacles had plagued housing reforms which included moving people from government-sponsored residences to private homes.

Insufficient funding and the bank mortgage system needed to be revamped before the construction industry could make significant progress.

Mr Yu said the new homes would provide people with better living conditions although they would pay more for them as construction costs would be much higher.