The Shenzhen Municipal Bureau of Planning and Natural Resources and Shenzhen Municipal Commission of Development and Reform issued its urban renovation and land use plan for 2021-25 on July 29.
The urban renovation and land use area will span at least 95 square kilometers by the end of the five years, with overall fixed investment being no less than 1 trillion yuan ($148 billion), according to the plan.
By actively encouraging the renewal projects of urban and old industrial areas, Shenzhen will gradually optimize its urban spatial structure, increase its housing supply, and improve its public service level and basic support abilities, the government said.