Chinese cities pull in 455b yuan for urban renewal

Twenty-eight cities across China have set up dedicated urban renewal funds worth 455 billion yuan (HK$484.26 billion), according to the Ministry of Housing and Urban-Rural Development.

The funds attracted investment through enterprises and through franchising, enterprise contracting and independent renewal.

More than 60,000 urban renewal projects were undertaken in 2024, attracting investments worth 2.9 trillion yuan, said the ministry.

Meanwhile, over 410 cities established groups to lead urban renewal work and 21 cities set up dedicated urban renewal bureaus to manage projects in their local communities.

A mechanism for promoting the integration of urban checkups with urban renewal projects has also been set up in the mainland, with 297 cities at the prefecture level and above carrying out comprehensive urban checkups.

STAFF REPORTER