May 24, 2017 / 11:17 AM / in 2 months

China to tear down 15 mln shantytown homes in 2018-2020

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BEIJING, May 24 (Reuters) - China plans to dismantle 15 million shantytown homes during the period from 2018 to 2020, state radio said on Wednesday, citing a cabinet meeting led by Chinese Premier Li Keqiang.

The plan is part of a government effort to provide affordable housing for the poor, and reduce a large property inventory overhang in smaller cities.

"The revamp not only improves people's livelihood, but also helps with investment, consumption and inventory destocking," the cabinet said.

Dwellers were often encouraged, or sometimes forced, to buy existing homes in the city after their shantytown homes were dismantled, Chinese media have reported.

China will ensure it meets a target of revamping 18 million shantytown homes from 2015 to 2017, the cabinet added. (Reporting by Beijing Monitoring Desk and Yawen Chen; Editing by Clarence Fernandez)

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