China Development Bank lends 409 bln yuan for shanty town renovation

China Development Bank, a wholly state-owned policy bank, granted 408.6 billion yuan (66.8 billion U.S. dollars) in 2014 in financial loans to support shanty town renovation projects, according to the bank.

Lending exceeded its target of 400 billion yuan for 2014, covering renovation projects in nearly 30 provincial regions, the bank said.

The bank's financial support last year was used to renovate homes totaling 860 million square meters and benefiting 8.75 million households, according to the bank.

Data showed the bank's accumulated lending for shanty town renovation projects reached 804.7 billion yuan at the end of 2014.

The bank said it will continue its financial support for renovation projects in 2015.