Six million substandard urban houses will be rebuilt this year, Chen Zhenggao, head of the Ministry of Housing and Urban-Rural Development said on Wednesday.

China is capable of meeting the target because this year's tasks are better defined and we started earlier with stronger financial support, Chen added.

The government will offer more financial support to support those who live in substandard urban houses to purchase existing homes rather than building new property, especially in third- and fourth-tier cities and counties, he said.

More than 48 percent of the residential renovation target was achieved last year thanks to financial support to buy existing property, 18.6 percent up year-on-year.

China committed to rebuilding 18 million houses from 2015 to 2017 and aims to "generally finish" the renovation work across the country by the end of 2020.