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China almost reaches target for antiquated apartments rebuilt for this year

Wednesday, 16 October 2019 14:11:19 (GMT+3)   |   Shanghai
       

2.74 million antiquated apartments were rebuilt in China in the January-September of the current year, completing 94.8 percent of the annual target of 2.89 million antiquated apartments and completing more than RMB 940.0 billion ($132.4 billion) of investment, as announced by China’s Ministry of Housing and Urban-rural Development (MOHURD), which was much lower than 5.8 million antiquated apartments that were rebuilt in China in the year of 2018.

In May of 2017, executive meeting of the State Council has issued the new version of three-year renovation plan for rebuilding antiquated apartments, in which it announced that China will rebuild 15 million units of antiquated apartments in the period of 2018-2020. However, since the second half of the year in 2018, due to the increasing pressure of rising house prices, MOHURD stated that local governments should adjust and improve the policy of monetized resettlement for antiquated apartments in line with local conditions.

On September 4 of 2019, executive meeting of the State Council has temporarily halted the flow of new special debt quotas to antiquated apartments in the year of 2020, while turned to the investment of infrastructure constructions. 


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