Chongqing municipality will spend 100 billion yuan ($13.8 billion) over the next five years on the demolition and renovation of all old and dangerous houses in its nine urban districts, officials have said.
The mammoth project aims to build affordable housing for low-income residents, officials from the municipal government said.
The city’s development and reform white paper revealed the ambitious plan. The 100 billion yuan investment is about a quarter of Chongqing’s estimated gross domestic product for last year.
Zhou Bo, a spokesman for the municipal government, said the city will this year complete building an additional 1.8 million sq m of affordable housing for 30,000 low-income families.
Chongqing to spend $13b on housing – China Daily – Xinhua – Huang Zhiling and Chen Hong