July 12, 2018 / 9:17 AM / 10 months ago

China to adjust compensation policy for redevelopment reforms

BEIJING, July 12 (Reuters) - China’s housing ministry said on Thursday it will push forward differentiated financial compensation for shantytown redevelopment projects in the country’s various cities.

Cities with high inventories can continue to offer home dwellers financial compensation for shantytown rebuilding projects, the housing ministry said in a statement, adding that those with low inventories and high property prices should adjust their compensation for homes that are demolished.

Policy banks will not offer loans for new shantytown rebuilding projects with financial compensation in cities where inventories are low and home prices are high, the ministry added.

Reuters reported earlier that China Development Bank (CDB) had halted funding for new shantytown redevelopment projects, and had transferred approval authority from its local branches back to the policy bank’s headquarters due to concerns about risks associated with rising debt for local governments. (Reporting by Beijing Monitoring Desk Editing by Jacqueline Wong)

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