Half of Country's Housing Fund Goes Unused, Official Report Says

(Beijing) – The total amount of money contributed to China's housing fund since it was launched in the late 1990s hit 7.4 trillion yuan by the end of last year, but half of that is going unused, a government report says.

The report, the first that the central bank and ministries of financing and housing have published, said the fund had 3.7 trillion yuan sitting idle at the end of 2014, 17 percent more than a year earlier.