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City secures loans for urban redevelopment
By Hu Xiaocen |
December 20, 2012, Thursday
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Online Edition
Online Edition
THE Shanghai government today signed an agreement with the Shanghai branch of China Development Bank to fund the redevelopment of rundown residential quarters. The program is expected to cost about 400 billion yuan (US$63.6 billion) in the next three years.
Officials at the signing ceremony said the city set the goal of demolishing houses on 60 hectares of land this year, benefiting 25,000 households. Fund shortage facing future redevelopment has been alleviated with help from the local banking regulator and several big lenders, especially the China Development Bank.
The two parties agreed to deepen cooperation in financial service innovation, economic transformation, and affordable housing projects.
Officials at the signing ceremony said the city set the goal of demolishing houses on 60 hectares of land this year, benefiting 25,000 households. Fund shortage facing future redevelopment has been alleviated with help from the local banking regulator and several big lenders, especially the China Development Bank.
The two parties agreed to deepen cooperation in financial service innovation, economic transformation, and affordable housing projects.
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