October 22, 2018 / 4:28 AM / 8 months ago

China spent $198 billion on shantytown redevelopment in Jan-Sept: ministry

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.

($1 = 6.9319 Chinese yuan)

Reporting by Beijing Monitoring Desk; Editing by Richard Borsuk

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