Last year, China had finished renovating 5.80 million substandard dwellings. Image: sina.com
China has been pushing people-oriented urbanization and improving living conditions for low-income families through substandard housing renovation. The goal of 2016 is in reach.
Chinese government has allocated 821.1 billion yuan to cover the renovation of substandard housing from January to July this year. The fund was used on 4.67 million homes in old districts that were under renovation works; the number accounts for 78 percent of this year's target of 6 million homes, the Ministry of Housing and Urban-Rural Development said on August 10.
The aim between 2015 and 2017 is to build 18 million homes for old districts' residents.
In 2015, the government spent 1.54 trillion yuan on affordable housing programs, which provides cheaper homes to low-income families that have been priced out of the property market.