In the January-April period this year, China started new construction works on renovating 5,679 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 already been named as one of the factors stimulating steel demand in recent years, while the weak performance in the overall real estate market has exerted a negative impact on steel demand.