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Massive funds for urban changeover
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CHINA has invested 990 billion yuan (US$143.63 billion) for a massive urban redevelopment project in the first seven months of 2018, the housing ministry said yesterday.
The People’s Bank of China has injected hundreds of billions of dollars into such shantytown redevelopment projects through the Pledged Supplementary Lending program, which has been largely used for cash compensation to residents whose homes are demolished.
The policy helped boost home sales and prices in smaller cities since 2015.
Led by gains in smaller cities, China’s new home prices accelerated at their fastest pace in almost two years in July, defying persistent government curbs.
In 2017, China poured a record 1.84 trillion yuan into the project, with new construction started on over six million homes that year, official data showed. The government is aiming to build another 5.8 million homes in 2018.
China’s shantytown spending so far this year is roughly equal to the market value of video streaming giant Netflix.
The ministry, in a statement yesterday, said construction work began on 4.07 million homes in the first seven months this year.
The ministry said in July it will curb subsidies for new shantytown development projects to cities with hot property markets.
In late June, Reuters reported that China Development Bank had halted funding for new SRPs, and transferred approval authority from its local branches back to the policy bank’s headquarters, in a sign of tighter scrutiny over the project.
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