Beijing ramps up spending on housing renovation

BEIJING - The city of Beijing will spend 30.8 billion yuan ($4.5 billion) to renovate substandard urban houses in 2017, the government reported Sunday.

The budget is 60 percent more than last year. Around 36,000 homes in pockets of dilapidated areas, including four traditional hutongs around the tourist site Nanluoguxiang, will be targeted this year.

According to Beijing Municipal Commission of Housing and Urban-Rural Development, the renovation is part of Beijing's efforts to build a world-class city to live in. The campaign will create more green space and improve public facilities in urban districts.

China aims to complete renovation of rundown urban areas and dilapidated housing by 2020, to provide low-income urban residents with affordable housing. Nationwide, the government rebuilt 6 million homes last year and aims to renovate the same number this year.