November 14, 2018 / 4:01 AM / a month ago

China spent $216 billion in shantytown redevelopment in Jan-Oct

BEIJING (Reuters) - China’s housing ministry said on Wednesday investment in a massive shantytown redevelopment project topped 1.5 trillion yuan ($215.88 billion) in the first ten months 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 Shri Navaratnam

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