Workers renovate an old residential building in Xi'an, Northwest China's Shaanxi province, on April 1, 2020. (Photo: Xinhua)
Some 23 regions in China have issued work plans to renovate aging urban residential communities this year, including what and where to upgrade, funding sources and related industrial chain, according to a Wednesday report from 21 Century Business Herald.
The renovation projects will prioritize communities built before the end of 2000, said the State Council in its executive meeting on April 14.
At the same time, some regions have more extensive plans. In East China's Fujian province, some communities, blocks and districts built before 2010 and with a lack of infrastructure will be transformed. In eastern China's Shandong province, the goal is to complete the renovation of old communities built before 2005.
In this year's government work report, China said it would begin the renovation of 39,000 old urban residential communities - doubling last year's target to benefit 7 million households - and support the upgrading of plumbing and wiring and the installation of elevators in old residential buildings.
There were nearly 160,000 old residential communities across the nation that were home to over 42 million households, according to the Ministry of Housing and Urban-Rural Development.
The renovations cover a range of aspects, according to 21 Century Business Herald, from basic public utilities such as tap water, electricity, gas and roads, to supporting infrastructure like elevators, parking and security facilities. Public service is also considered during the upgrade to meet the residents' needs, such as aged care, day care for infants and healthcare.
According to the State Council, funds for renovation will be shared by the country's authorities, residents and private capital, and the central government also will offer subsidies. Funds raised by local governments via the issuance of special bonds will give priority to renovation projects.
Land value-added gains serve as a major source of income for the special bond of renovation, which means house and land values are improved through upgrading, said Li Qilin, chief economist of Yuekai Securities, as reported by 21 Century Business Herald.
The upcoming renewal also will boost consumption, like coating and waterproofing materials, according to the Wednesday report.