2011-04-02 16:16

Beijing is seeking nongovernment capital to contribute 60 percent of the budget and may encourage it to fund the city’s subsidized housing construction, Beijing News reported Saturday.

Beijing-based private enterprises may be allowed to build public rental housing on their own land, said Song Yu, vice-director of the municipal development and reform commission.

The municipal government will also broaden the investment fields for private capital funds. The proportion of the total budget that came from private investors rose from 43.2 percent in 2009 – after the financial crisis hit the global economy – to 57.9 percent in 2010. The city plans to increase that number to 60 percent of the budget this year, according to the report.

In addition, the municipal government will also encourage non-governmental investors to take part in some reconstruction projects, including the reconstruction of shiheyuan, Beijing News reported.