More bank loans help redevelop rundown areas

BEIJING - China Development Bank (CDB) granted loans totaling 219.5 billion yuan ($35.70 billion) to redevelop rundown urban areas in the first half of 2014, benefiting 2.13 million families, it said on Monday.

Of the total, 195 billion yuan was lent after an early-April State Council meeting laid special stress on accelerating renovation projects.

CDB Chairman Hu Huaibang said the loans will exceed 400 billion yuan this year and the bank will do its best to improve efficiency in the use of the money.

China is speeding up efforts to provide decent housing for people living in rundown areas as one of its major tasks in the urbanization process.