China allocates $1.3b for low-rent housing

BEIJING - China's central government has allocated 8 billion yuan ($1.3 billion) to support the low-rent housing project of 2013, the Ministry of Finance announced Wednesday.

The funds will provide subsidies for the rental, purchase or rebuilding of low-rent housing units, the ministry said.

Of the total, 4.33 billion yuan and 3.41 billion yuan, or 54.2 and 42.7 percent of the total, went to the country's central and western regions, respectively. East China, the country's most developed region, received the remaining 253.35 million yuan, according to the MOF.

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