China may start building as many as six million new government-subsidised flats next year, Housing Minister Jiang Weixin said.
The minister told reporters yesterday that the government aimed to complete no fewer than five million homes next year under a plan that was still being finalised. The building push is part of Beijing's five-year plan to build 36 million units of public housing by 2016.
The government started construction of 10 million homes last year and more than seven million so far this year. Jiang also reiterated pledges by Premier Wen Jiabao , saying the government would not loosen controls on the property market.
"At least for now, we don't have a plan to relax the controls," he said.
Li Huiyong, chief economist at Shanghai-based SWS Research, said Jiang's promise to maintain property curbs was in line with expectations.
"Any abrupt relaxation on property curbs would destroy the achievements the government has made so far with its macroeconomic controls," Li said. "Stability is the best choice."