China allocates $7.9m for rural housing renovation

BEIJING - The government has allocated an additional five billion yuan ($792.39 million) to fund the renovation of 600,000 dilapidated rural homes this year, the Ministry of Finance said Friday.

The additional funds will also be used to improve the energy efficiency of 200,000 rural households in north China, as well as southwest China's Tibet Autonomous Region, said the ministry.

The government previously allocated 39.57 billion yuan to subsidize 5 million rural families whose homes are being restored this year, the ministry said.

The government decided to subsidize rural housing restoration at the national level this year by providing an average subsidy of 7,500 yuan for each family whose home is being renovated.

Households that receive energy efficiency improvements also receive an additional subsidy of 2,500 yuan each, the ministry said.