August 19, 2019 / 3:06 AM / 4 months ago

China spends more than $85.2 billion on shantytown redevelopment in January-July

A man walks near a shantytown to be redeveloped, in front of apartment buildings, in Fu county in the south of Yanan, Shaanxi province, China January 2, 2019. Picture taken January 2, 2019. REUTERS/Yawen Chen

BEIJING (Reuters) - China’s housing ministry said on Monday investment in shantytown redevelopment projects totaled more than 600 billion yuan ($85.20 billion) in the first seven months of this year.

The ministry didn’t give a year-ago figure, but said construction had begun on 2.07 million housing units in the Jan-July period, accounting for 71.6% of the full-year target of 2.89 million units.

Reporting by Beijing Monitoring Desk; Editing by Shri Navaratnam

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