Feb 01, 2024 03:29 AM

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Chinese Cities Receive Special Loans to Renovate Urban Villages

By Wang Jing, Zhou Yongqin and Denise Jia

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An urban village in Guangzhou on Jan. 18, 2024.

An urban village in Guangzhou on Jan. 18, 2024.

What’s new: Multiple Chinese cities have received special loans for the renovation of “urban villages,” as part of efforts to revive the property sector.

The Housing and Urban-Rural Development Bureau of Guangzhou Municipal Government said Tuesday that 14 urban village renovation projects have obtained the first batch of 142.6 billion yuan ($20 billion) of special loans from China Development Bank and Agricultural Development Bank of China, both policy banks.

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