Curbs on shantytown revamps

China is tightening approvals for shantytown renovation projects in a bid to fend off local government financial risks and avoid a housing bubble, sources familiar with the matter said.

China Development Bank, one of major policy banks in charge of shantytown development projects in China, is expected to tighten approvals for funding of shantytown renovation projects, but no restrictions have been imposed on ongoing projects, said a source with the bank, who asked not to be identified.

Further details for funding approvals remain under discussion, the source said.