China boosts funds for embattled property sector

Redevelopment of cities will also gather pace, with a million “urban villages” to be included in such plans, Minister Ni Hong said. — Reuters

BEIJING: China will expand a “white list” of housing projects eligible for financing and increase bank lending for such developments to four trillion yuan or about US$562bil, Housing and Urban-Rural Development Minister Ni Hong says.

Redevelopment of cities will also gather pace, with a million “urban villages” to be included in such plans, Ni said at a press conference yesterday.