BEIJING: China will provide 149.4 billion yuan ($24.1 billion) in subsidies for renovating dilapidated urban houses in 2015, Vice Minister of Housing and Urban-rural Development Wang Ning said on Friday.
China will step up "effective investment" in key sectors, including shantytown renovation and rural power infrastructure, to support growth, the cabinet said earlier this week.
The government will implement a three-year plan to renovate 18 million dilapidated urban houses and 10.6 million dilapidated rural houses.
Wang told a news conference that 5.8 million urban houses will be renovated this year.
"The central government has arranged 149.4 billion yuan in subsidies this year," he said.
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