Beijing is to invest 500 billion yuan ($81.49 billion) over five years for the shantytown renovation inside the fourth ring road, according to the Beijing Municipal Committee of Housing and Urban-Rural Development.

The projects will involve some 700,000 residents of 230,000 households in 527 communities, the People's Daily reported on Monday.

The first 83 projects will be finished this year.

The project will involve compensation and relocation of residents, the report said.

However, renovation work will only be launched with the consent of 90 percent of residents involved in each project.