China will invest about 1.3 trillion yuan ($197.9 billion) this year on building or renovating 10 million affordable apartments, people.com.cn reported Wednesday, citing Qi Ji, vice-minister of Housing and Urban-Rural Development.

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The government is expected to directly invest about 500 billion yuan. Social organizations, beneficiaries and enterprises will be asked to contribute the remaining 800 billion yuan, Qi said.

According to the plan, it will cost about 500 billion yuan to improve living conditions for four million households, Qi said.