The welfare housing allocation and old housing finance system A Under the welfare housing system, government produced and allocated housings e Virtually all housing investments were solely financed by the state budgetary funding The single-channel state budgetary funding housing finance system could not be sustained Due to the continued financial deficit investment on urban residentia a housing was consistently low Housing storage was extremely serious in big cities like Shanghai China Urban Land and Housing in 5 the 21st Century, HK Dec 2007China Urban Land and Housing in the 21st Century, HK Dec.2007 5 The welfare housing allocation and old housing finance system ◆Under the welfare housing system, government produced and allocated housings. ◆Virtually all housing investments were solely financed by the state budgetary funding. ◆The single-channel state budgetary funding housing finance system could not be sustained. ◆Due to the continued financial deficit, investment on urban residential housing was consistently low. ◆Housing storage was extremely serious in big cities like Shanghai