Shan­ty­town ren­o­va­tion to get in­creased fund­ing

China Daily (Canada) - - NEWSCAPSULE -

China will step up fi­nan­cial sup­port to en­sure that its an­nual tar­get for ren­o­va­tion of shan­ty­towns can be met, ac­cord­ing to a govern­ment doc­u­ment.

The coun­try will sup­port state-owned com­pa­nies to raise funds for shan­ty­town ren­o­va­tion through is­su­ing bonds, said a State Coun­cil cir­cu­lar.

Pri­vate com­pa­nies will have the same pref­er­en­tial poli­cies as their state peers when they par­tic­i­pate in ren­o­va­tion projects.

The hous­ing fi­nance divi­sion of the China Devel­op­ment Bank is en­cour­aged to pri­or­i­tize lend­ing to shan­ty­town ren­o­va­tion, the cir­cu­lar said.

Shan­ty­town ren­o­va­tion is con­sid­ered key to China’s ur­ban­iza­tion. The govern­ment has set the goal of sub­si­diz­ing the re­build­ing of 4.7 mil­lion hous­ing units across the coun­try this year.

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