100 bln yuan to renovate China's run-down communities

China Development Bank (CDB) is to make loans of 100 billion yuan (about $16 billion) for rundown communities by the end of April, the bank chief said Tuesday.

CDB President Hu Huaibang said at a conference the bank would accelerate approval for credit to renovate rundown communities and the setup of a housing finance department.

In the first three months this year, the CDB committed 140 billion yuan to low-income housing projects including renovations, more than ten times of the amount in the same period last year, with loans of 31.2 billion yuan in the first quarter, 12 percent up.

The State Council, China's cabinet, last Wednesday decided to speed up renovation of run-down communities in urban regions.

From 2005 to the end of 2013, the CDB lent 623.5 billion yuan loans to low-income housing projects.