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.

In the first eight months of 2022, the country started the renovation of 48,300 old urban residential communities, accounting for 94.4 percent of its annual target, the ministry said on its website.

Some 7.99 million households will benefit from the renovation projects that are underway, the ministry said.

The government plans to renovate 51,000 old urban residential communities in 2022, benefiting 8.4 million households.