China puts $173 billion into shanty-town redevelopment in Jan-Aug - ministry

BEIJING (Reuters) - China's housing ministry said on Monday investment in a massive shanty-town redevelopment project exceeded 1.19 trillion yuan (£132.47 billion) in the first eight months of the year, according to a statement on its website.

China has injected hundreds of billions of dollars of policy loans into redevelopment of shanty-towns. Analysts say the project has boosted property demand as residents are encouraged to use cash compensation to buy a new home when their existing home is demolished.

(Reporting by Beijing Monitoring Desk; Editing by Simon Cameron-Moore)