Business / Industries

China spends billions in housing renovation

(Xinhua) Updated: 2015-06-20 11:05

China spends billions in housing renovation

Workers demolish an old building in Nantong, Jiangsu province. [Photo/China Daily]

BEIJING - The central government has allocated 185.9 billion yuan ($30.5 billion) to the renovation of run-down areas and dilapidated rural houses so far this year, the Ministry of Housing and Urban-Rural Development (MHURD) disclosed Friday.

Specifically, 149.4 billion yuan was used to renovate run-down areas, while 36.5 billion yuan was allocated to rural housing, according to MHURD Vice Minister Wang Ning.

The government is pushing to improve housing conditions amid rapid urbanization.

The State Council, China's cabinet, on Wednesday announced a plan to build 18 million apartments in urban areas and renovate 10.6 million rural houses between 2015 and 2017.

Wang said the ministry will formulate an implementation plan for the program and draft a financing mechanism.

From 2008 to 2014, the central government allocated 450.6 billion yuan to the program, according to Wang.

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