China’s Ministry of Finance has issued a notice announcing in advance the budget for part of the central government financial subsidies for urban affordable housing projects in 2025, amounting to RMB 56.6 billion ($7.9 billion). In particular, the budget for ensuring affordable and livable housing is RMB 11.9 billion, while the budget for urban village renovation is RMB 10 billion ($1.4 billion), the budget for the renovation of old residential areas is RMB 33.2 billion ($4.6 billion), and the budget for the renovation of shantytowns (dangerous old urban housing areas) is RMB 1.5 billion ($0.2 billion).
China’s Ministry of Natural Resources has also issued a notice requiring the active use of special local government bonds to step up the buying back of idle land (land which had been purchased by developers but which has not been developed), in order to promote stable and healthy development of the real estate industry.