US$1 billion embezzled from Chinese public housing fund: media

The Chinese National Audit Office, the highest audit body in China, has unearthed US$1 billion embezzlement from a government fund tasked with providing social housing to low-income families, the Xinhua news agency reported Friday.
According to Xinhua, the Chinese government is building 36 million low-cost housing units before 2015, before real estate prices go up and people fail to pay for them.
President Xi Jinping had vowed to fight corruption when he was chosen as leader of the ruling communist party in 2012.
Edited translation from Al-Masry Al-Youm

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