In 2015, China plans to initiate construction of 7.40 million affordable housing units, of which 4.80 million units are expected to be completed, China’s Ministry of Housing and Urban-Rural Development (MOHURD) had announced at the beginning of this year. As of the end of July, in the current year construction has commenced on 5.17 million affordable houses, with construction of 4.25 million units being completed, respectively accounting for 69 percent and 88 percent of the annual targets, as announced by the ministry. Accordingly, in the first seven months of the year, fixed asset investment totaling RMB 770 billion ($120.3 billion) has been completed.
In the January-July period last year, construction had begun on 5.9 million affordable housing units. It is expected that activity on construction of affordable houses in China will be stepped up in the August-October period of the current year, which will increase the demand for steel in the coming period.