Award-winning Nanjing to spend $4b on new housing

NANJING: Nanjing will spend another 30 billion yuan ($4.4 billion) to renovate 3 million sq m of dilapidated residential areas before the end of 2010, a government spokesman said yesterday.

Huang Chang'an, the spokesman for the Nanjing real estate administrative bureau, said an additional 1.08 billion yuan will go to the low-rent housing system, and that 6 million sq m of affordable apartments will be built before the end of 2010.

The measures were announced after Nanjing won the top UN Habitat award at the ongoing World Urban Forum in the city.