10-08-2013, 10:56 AM
As expected.
Base on Google's search, China's central government and local governments allocated 413 billion yuan from public funds for low-cost housing projects last year (2012), while another 467 billion yuan was raised from bank loans, corporate bonds and other financing tools. The ratio of fund been misappropriated was only slightly more than 0.6%... Hmm...
S$1.2b misused in China’s affordable home scheme: Audit
BEIJING — A Chinese audit has concluded that about 5.8 billion yuan (S$1.2 billion) was misappropriated from an affordable-housing programme that Premier Li Keqiang said would provide a test of the government’s credibility.
Funds from 360 projects were diverted to pay back loans or make outside investments, while money designated to pay for demolitions was used to start other construction, the National Audit Office said in a report posted on its website yesterday.
The audit’s findings draw new scrutiny to a programme that was designed to reduce the risk of real-estate bubbles and ease discontent among the poor, amid runaway private property prices
http://www.todayonline.com/chinaindia/ch...heme-audit
Base on Google's search, China's central government and local governments allocated 413 billion yuan from public funds for low-cost housing projects last year (2012), while another 467 billion yuan was raised from bank loans, corporate bonds and other financing tools. The ratio of fund been misappropriated was only slightly more than 0.6%... Hmm...
S$1.2b misused in China’s affordable home scheme: Audit
BEIJING — A Chinese audit has concluded that about 5.8 billion yuan (S$1.2 billion) was misappropriated from an affordable-housing programme that Premier Li Keqiang said would provide a test of the government’s credibility.
Funds from 360 projects were diverted to pay back loans or make outside investments, while money designated to pay for demolitions was used to start other construction, the National Audit Office said in a report posted on its website yesterday.
The audit’s findings draw new scrutiny to a programme that was designed to reduce the risk of real-estate bubbles and ease discontent among the poor, amid runaway private property prices
http://www.todayonline.com/chinaindia/ch...heme-audit