July 19, 2012
Translated by Zhu Na

Almost three billion yuan in subsidies that the government had allocated for housing was used for other unauthorized projects, such as municipal works and for-profit construction, accounts from the National Audit Office show.

 
The accounts, which cover 66 cities and counties in 2011, indicate that ten cities and counties missed the deadline for handing over rental income worth 10 million yuan to their treasuries.

 
They also showed that five cities and counties failed to hand construction units a total of 533 million yuan of land transfer income, and that bank loans to dozens of projects were made at market rates rather than the preferential terms specified by government policy.

 
The audit also found that land on some projects was misallocated and used to develop commercial housing, hotels and offices. The procedure for allocating funds was often inadequate, with thousands of recipients of funds bypassing checks and approvals.

 
The assessment found 2,801 subsidized homes that were sold on commercial terms and 14,600 homes that were empty for six months or more.

 
The audit covered the period from November 2011 to March 2012, the auditors focused on 66 cities and countries from 18 provinces, autonomous regions and municipalities directly under the central government.

 
Links and Resources:
China Business News  66個市縣保障房審計 近30億資金被挪用
National Audit Office No. 33 Announcement  2012年第33號公告：66個市縣2011年城鎮保障性安居工程審計結果