BEIJING -- A total of 35.5 billion yuan ($5.73 billion) will be used to renovate run-down areas in Chinese cities this year, the country's Ministry of Finance (MOF) said Friday. In breakdown, 44.4 percent of the money will go to the country's central region, 39 percent to the west and 16.6 percent to the eastern part, the wealthiest region of China, the ministry said.

The fund will be used mainly for subsidizing government-led renovation of run-down areas in cities, including demolition, construction and relocation efforts.

The renovations are a crucial part of the country's efforts to provide low-income urban residents with affordable accommodation, such as government-subsidized low-rent homes and public rental housing.