Shantytown renovation to get increased funding
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.