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Beijing to Double Downtown Investment

Beijing is planning to increase its investment in renovating and upgrading downtown residential buildings in 2009. The city currently plans to spend between 1.5 billion yuan (approximately US $220.6 million) and 2 billion yuan during the course of the year.
 
The investment in property in Beijing will affect some 20,000 homes and residents in the districts of Dongchen, Xicheng, Chongwen and Xuanwu. Vice Mayor Chen Gang said that the renovations will take care of aging homes that are in dangerous condition.
 
“Issues concerning people’s living standards should be resolved quickly. We should begin renovations in the early spring,” Chen said. “The goal is that no more shabby and dangerous homes should be found in downtown Beijing within two or three years,” he continued.
 
The government will bear the renovation costs for public buildings and half the cost for private buildings, according to the vice mayor. Housing in Beijing has already seen a nearly 1 billion yuan investment from the government, which has helped over 10,000 families improve their living conditions.
 
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