Auditors help recoup stolen housing funds

China's top auditing authority announced on Wednesday the recovery of around 2.7 billion yuan ($428.57 million) that was embezzled from affordable housing funds in 2011.

Authorities have also canceled about 7,000 households' rights to stay in the housing, according to a report released by the National Audit Office.

China has been working to build subsidized houses for low-income earners due to widespread complaints about housing costs. The government plans to build and renovate 36 million houses during the 12th Five-Year Plan (2011-15).