Start Asia China is approaching the annual target for housing renovations

China is approaching the annual target for housing renovations

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 According to the Ministry of Housing and Urban Rural Development, China will soon achieve this year’s target for residential remodeling in run-down urban areas. The project began in the first ten months of the year with 5.77 million houses, which corresponds to 99 percent of the annual target, as the Ministry announced on its website.

During this period, more than 1.5 trillion yuan (about 216 billion US dollars) have been invested in the renovation projects, according to the ministry.

China will launch a new three-year renovation plan for dwellings in run-down urban areas. The construction of 5.8 million units is scheduled to begin in late 2018, according to this year’s government work report. This is part of the government’s efforts to improve the living conditions of people in terms of their housing situation.

The country started renovating 6.09 million homes in deprived neighborhoods in 2017, exceeding its original target of six million.