Caixin
Jan 29, 2019 08:12 PM
ECONOMY

Local Governments Downsize Slum Renovations Amid Debt, Property Price Worries

The largest shantytown being demolished is in Dingbai village in Xi’an, Shaanxi province. Photo: IC
The largest shantytown being demolished is in Dingbai village in Xi’an, Shaanxi province. Photo: IC

* Beijing and Shaanxi province halved their respective targets, while Henan province lowered its number by 70%

* The shantytown redevelopment program has drawn criticism for fueling home prices in third- and fourth-tier cities after cash reimbursements became an increasingly popular way of compensation

(Beijing) — Many provincial-level regions in China have cut their respective targets for the number of homes to be rebuilt under a government program to redevelop run-down neighborhoods, after policymakers tightened funding for the project on concerns over rising debt risks and surging housing prices.

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