Wires

China says to add 5 bln yuan to public housing spend

BEIJING, Oct 8 (Reuters) - China will add 5 billion yuan($795.56 million) of funding to help build public housingprojects and revamp shanty towns, the finance ministry said onMonday.

The move is the latest sign of renewed central governmentefforts to use fiscal spending to underpin economic growth.

"In order to promote steady and relatively fast economicgrowth and support various localities to build public rentalhousing and renovate shanty towns, the central government willallocate another 5 billion yuan to support such projects," theMinistry of Finance said in a statement on its website.

Beijing has allocated a total of 98.7 billion yuan so farthis year to subsidise public housing construction and shantytown improvements, the ministry added.($1 = 6.2849 Chinese yuan)

(Reporting by Aileen Wang and Kevin Yao; Editing by NickEdwards)

((lan.wang1@thomsonreuters.com)(86 10 6627 1032)(ReutersMessaging: lan.wang1.thomsonreuters.com@reuters.net))

Keywords: CHINA ECONOMY/PROPERTY

Related Tags