China is set to embark on a massive urbanisation drive, as it plans to turn 100 million farmers into registered urban residents, encouraging them to buy city apartments to address a housing glut created by ‘ghost cities’.
The plan to urbanise the farmers will be implemented from next year, said Xu Shaoshi, head of National Development and Reform Commission, the country’s top economic planning body.
He, however, did not specify when the plan will be completed, state-run Xinhua news agency reported. China’s housing market took a downturn in 2014 due to a weak demand and a supply glut.