China nears annual housing renovation target

BEIJING -- China will soon achieve this year's housing renovation target for rundown urban areas, according to data from the Ministry of Housing and Urban-Rural Development.

Construction began on 5.77 million homes in dilapidated areas during the first 10 months of the year, accounting for 99 percent of the annual target, the ministry said on its website.

During the period, more than 1.5 trillion yuan ($215.8 billion) was invested in the renovation projects, according to the ministry.

China will launch a new three-year renovation plan to address housing in rundown urban areas, with construction on 5.8 million units to start by end-2018, according to this year's government work report.

This is part of the government's efforts to improve the living conditions of people with housing difficulties.

The country started renovation of 6.09 million homes in shanty towns in 2017, exceeding its target of six million.