Ministry of Housing and Urban-Rural Development: Implement 1,500 old neighborhood and factory renovation projects, support eligible projects in issuing REITs.

Zhitong Finance APP has learned that on October 23, the General Office of the Ministry of Housing and Urban-Rural Development and other departments issued guiding opinions on promoting the renovation and upgrading of old urban blocks and factory areas. It states that the tasks for the renovation and upgrading of old urban blocks and factory areas are clearly defined. According to their dominant functions, old urban blocks and factory areas can be divided into old factory areas, old commercial blocks, old residential blocks, old transportation hubs and surrounding blocks, etc. Historical and cultural blocks and the town areas of famous historical and cultural towns may be included in the scope of renovation and upgrading of old urban blocks and factory areas. All localities should implement the target requirements of the "15th Five-Year Plan for Urban Renewal" and carry out in an orderly manner 1,500 major engineering projects for the renovation and upgrading of old urban blocks and factory areas. In combination with the results of urban physical examinations, blocks and factory areas with aging buildings and municipal infrastructure, shortages of public services and public spaces, and functional industries and development vitality that need to be improved should be taken as targets for renovation and upgrading. Taking into full consideration factors such as functional relevance, spatial continuity, facility sharing, and implementation feasibility, the scope and implementation schedule of renovation and upgrading should be determined in a coordinated manner and incorporated into the urban renewal implementation system.