In the January-July period this year, China started new construction works on renovating 19,800 old urban neighborhoods, as announced by China’s Ministry of Housing and Urban-Rural Development (MOHURD).
The full target in 2025 for renovation is 25,000 old urban neighborhoods. Last year, 58,000 projects for the renovation of old urban residential communities were implemented.
The renovation of old neighborhoods has been one of the factors stimulating steel demand in recent years. On August 25, first-tier city Shanghai issued stimulus policies to boost the real estate industry, including lifting restrictions on purchasing houses outside the outer ring (basically the suburbs) and decreasing interest rates for housing loans, which will exert a positive impact on the steel market.
