Wednesday, February 13, 2013

China faces huge task in rebuilding rural homes

China’s Ministry of Housing and Urban-Rural Development has announced plans to rebuild three million houses for rural residents this year, said media reports.

According to a ministry spokesman, there are about 20 million unsafe homes in rural China. As such, the State Council and several ministries will intensify efforts to renovate these properties in the coming years to provide a better living environment for rural residents.

The government started such projects in 2008, beginning with dilapidated homes in rural areas and eventually extending it to other parts of the country.

In July 2011, the Ministry of Finance issued guidelines for the funding of renovation projects, indicating that the central and local governments will provide most of the investment.

Nearly CNY70 billion (S$13.9 billion) has been spent by the central government for this purpose in the last five years while the local governments and social investment contributed a total of CNY330 billion (S$65.59 billion).

Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C

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DTZ Property Network Pte Ltd (L3007960A)

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