Auditor Slams Agencies, Property Companies for Misuse of 9.4 Bln Yuan

(Beijing) – The National Audit Office has named 120 companies and government authorities involved in the misappropriation of billions of yuan meant for low-income housing projects.

A report by government auditors released on August 17 concluded that a total of 9.4 billion yuan set aside for affordable housing projects was misused.

Auditors reviewed projects from January to March, finding companies raised a total of 1.1 trillion yuan for affordable housing and similar programs, through bank loans, enterprise bonds and other means.