China to revamp six million shantytown homes in 2017

[BEIJING] China's housing ministry will revamp six million shantytown homes in 2017, state broadcaster China Central Television reported on Monday, part of efforts to provide the poor with affordable housing.

The Ministry of Housing and Urban-Rural Development said it would ensure the target of revamping 18 million shantytown homes from 2015 to 2017 was met.

The ministry said China started revamping six million homes in 2016, with 48.5 per cent of the shantytown dwellers involved receiving compensation.

Earlier this year, China Development Bank said it planned to lend 950 billion yuan (S$209.127 billion) to fund the rebuilding of shanty towns in 2016, up from 750.9 billion yuan in 2015.

REUTERS