(Yicai Global) June 12 -- China provided CNY1.2 trillion (USD171.4 billion) individual housing loans through its Housing Provident Fund to 2.86 million persons last year, according to the annual report its released today.

USD238 billion were deposited in the Housing Provident Fund, while 564.9 million people withdrew up to CNY1.6 trillion last year, per the report.

The fund was set up in 1999 to help Chinese save up to buy homes. Along with other types of social welfare programs, the fund is legislated by the government at the national level, but all local governments have the power to fix their own the contribution rates.

Editor: Ben Armour