Reconstruction of homes
Chinese authorities have pledged to complete the reconstruction of all homes destroyed by a devastating mudslide in a remote northwest China town on Sunday by June next year. Each mudslide-hit family in rural areas is eligible for a 20,000 yuan (US$2,941) subsidy to rebuild their home if it has been destroyed or 4,000 yuan if their home has been damaged. Each urban family whose home was destroyed can receive 25,000 yuan.
Local authorities said 7,038 tents, 20,000 quilts, 2,000 cotton coats, 5,000 sleeping bags, 8,000 folding beds, 49,000 packages of instant food, 56,000 packages of mineral water, 230 electricity generators, and 5,000 kilograms of flour had arrived in Zhouqu as of noon Wednesday.
Preferential loan policies
China's central bank and banking regulatory commission have also ordered the country's financial institutions to provide preferential loan policies to victims in the mudslide-hit regions of Gansu and Sichuan provinces.
The minimum down payment for a home in the disaster-affected urban regions could be reduced to 10 percent while the interest rate for home loans could be cut to possibly 60 percent of the benchmark rate.