BEIJING – By commencing renovation projects on 21.57 million homes from 2016 to 2019, China has already exceeded its target for housing renovation in rundown urban areas set for the 13th Five-Year Plan period (2016-2020).

The plan aimed to begin renovating 20 million homes amid efforts to speed up urbanization and improve people’s livelihoods.

According to data from the Ministry of Housing and Urban-Rural Development, the country’s massive renovation project is expected to cover a total of 23 million homes by the end of this year, improving living conditions for some 50 million residents.

The total investment is estimated at 7 trillion yuan ($1.04 trillion).

Permanent urban residents exceeded 60 percent of the Chinese population for the first time in 2019, according to a government work report.

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Air France says passengers must wear masks from May 11

PARIS (Reuters) – French carrier Air France is to require all passengers on board its flights to wear masks from May 11 to comply with French government guidelines on COVID-19 protection measures. The company said in a statement that passengers…

Deutsche Bank and Google agree multi-year, strategic partnership

FRANKFURT (Reuters) – Deutsche Bank (DBKGn.DE) said on Tuesday it has agreed a strategic, multi-year partnership with Google (GOOGL.O) to give the German lender access to cloud services and drive innovation in technology-based financial products for clients. Earlier this year,…

Markets down, Facebook cancels show: Virus hits businesses

The spread of the new coronavirus around the world is hitting companies hard as they suspend production, meetings, events and business travel. Here’s a look at the latest developments: MARKETS: Markets are down sharply again. The Dow and S&P were…

Target sales surge as Americans lean on big box stores

NEW YORK — Comparable store sales at Target soared 24.3% in the second quarter, more evidence that big box retailers have turned them into essential points of supply during the pandemic. Target, Walmart and Home Depot have all benefited as…