Beijing has collected 1.8 billion yuan (about HK$1.67 billion) in funds for housing for 1.9 million employees of municipal units, Xinhua (the New China News Agency) reports. According to the Beijing Housing Fund Administrative Centre, by the end of last year 65 per cent of those eligible were participating in the fund and nearly all administrative units had a similar housing fund. A number of central government offices have also started their own funds. So far, 330,000 government-subsidised apartments have been sold, with a total floor space of 215 million square feet. Beijing began its housing reform in 1992 and adopted the housing fund system to help workers buy accommodation. The administrative centre now has 76 branches. This year, housing reform will focus on foreign-funded ventures and suburban administrative units, which will be required to establish similar funds. The Construction Bank of China and Industrial and the Commercial Bank of China branches deal with Beijing housing funds. Regulations on housing funds will soon be finalised by the central government.