Number of housing unit reconstructions in rundown urban areas in China 2016-2022
In 2022, only 1.34 million housing units were started to be rebuilt in rundown urban areas in China, representing a further drop of almost 19 percent from the previous year. Urban renewal projects were common across major cities in China in the last two decades, as the city centers, despite their unsatisfactory building quality, usually had significantly higher real estate value. However, local governments now tend to monetarily reimburse homeowners for acquiring the land instead of providing new housing units after the reconstruction.