China frontloads a budget of $7.87 billion to support urban affordable housing projects

BEIJING (Reuters) – China’s finance ministry frontloaded a budget of 56.6 billion yuan ($7.87 billion) to support urban affordable housing projects, according to state media on Monday (NASDAQ:MNDY).

This part of 2025’s central government fiscal funds will be used for affordable housing and the renovation of urban villages, old residential quarters and shanty towns.

($1 = 7.1933 Chinese yuan renminbi)