October 22, 2018 / 2:56 AM / 23 days ago

China spent $198 billion on shantytown redevelopment in January-September: ministry

Men work at a construction site of residential apartment blocks in Beijing, China, September 27, 2018. REUTERS/Thomas Peter/File Photo

BEIJING (Reuters) - China’s housing ministry said on Monday investment in a massive shantytown redevelopment project topped 1.37 trillion yuan ($197.64 billion) in the first three quarters of the year.

China has injected huge sums into redevelopment of shantytowns. Analysts say the project has boosted property demand as residents are encouraged to use cash compensation to buy a new home when their existing one is demolished.

Reporting by Beijing Monitoring Desk; Editing by Richard Borsuk

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