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China Launches $197B MF Flood

HONG KONG-China has announced an ambitious project to construct 10 million affordable housing units in 2011.

By Ryan Clark | Updated on March 09, 2011

HONG KONG-China, in a somewhat altruistic usage of their autocracy, has announced it will build 10 million affordable apartments in 2011. The enormous project will cost 1.3 trillion yuan or $197 billion.

Vice Minister of Housing and Urban-Rural Development Qi Ji told the state media that both central and local governments would contribute to the project,  to the tune of 500 billion yuan. Public institutions and business will provide the rest, taking advantage of a public-private partnership model that has been much-touted in the US.

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