State-owned con­struc­tion com­pany set up in Xion­gan

China Daily (Hong Kong) - - BUSINESS - By ZHANG YU in Shi­ji­azhuang zhangyu1@chi­

Xion­gan New Area dis­closed on Mon­day that it has es­tab­lished a State-owned com­pany for the in­vest­ment and con­struc­tion of lo­cal in­fra­struc­ture and other fa­cil­i­ties, a ma­jor step to­ward cre­at­ing a new eco­nomic zone in the area.

The com­pany — China Xion­gan Con­struc­tion & In­vest­ment Group Co Ltd — was set up on July 18 in Rongcheng county in North China’s He­bei prov­ince, with a reg­is­tered cap­i­tal of 10 bil­lion yuan ($1.5 bil­lion), ac­cord­ing to the web­site of the Na­tional Enterprise Credit In­for­ma­tion Pub­lic­ity Sys­tem.

It was ap­proved by He­bei pro­vin­cial govern­ment, which is also the only share­holder of the com­pany.

Its chair­man and gen­eral man­ager is Zhang Weil­iang, who used to be an of­fi­cial in the govern­ment of Xion­gan.

The com­pany also has two other di­rec­tors and six su­per­vi­sors, the web­site showed.

With in­no­va­tive in­vest­ment and fi­nanc­ing pat­terns, the com­pany will raise funds in­clud­ing so­cial cap­i­tal to build in the area.

The projects in­volve the land devel­op­ment, con­struct­ing res­i­den­tial and com­mer­cial build­ings, im­prov­ing the en­vi­ron­ment and tourism devel­op­ment of Baiyang­dian — a fresh­wa­ter lake in the area, as well as build­ing in­fra­struc­ture such as trans­port links, en­ergy and pub­lic fa­cil­i­ties.

China an­nounced its in­ten­tion in April to set up Xion­gan New Area, a planned new eco­nomic zone of na­tional sig­nif­i­cance to help phase out some non-cap­i­tal func­tions from Bei­jing.

It is lo­cated about 100 kilo­me­ters south­west of down­town Bei­jing and cov­ers Xiongx­ian, Rongcheng and Anxin coun­ties in Baod­ing, He­bei.

It will even­tu­ally cover 2,000 square kilo­me­ters.

Since Xion­gan is new, the cur­rent trans­porta­tion and com­mer­cial fa­cil­i­ties in the area need to be im­proved, Zhang Gui, deputy head of the Re­search Cen­ter for Bei­jingTian­jin-He­bei Devel­op­ment at He­bei Univer­sity of Tech­nol­ogy, said in a re­port by Bei­jing Busi­ness To­day.

But to do this, the com­pany will not just carry out the di­rect in­vest­ment by it­self; it will also help lever­age more in­vest­ment from so­cial cap­i­tal to pro­mote the area’s con­struc­tion in var­i­ous fields, Zhang said.

“In the fu­ture, pri­vate in­vest­ment in Xion­gan would pos­si­bly ex­ceed 100 bil­lion yuan, even reach­ing the tril­lion level,” Chen Ji, a busi­ness re­searcher with the Cap­i­tal Univer­sity of Eco­nomics and Busi­ness, was quoted as say­ing by the re­port.

Be­fore the es­tab­lish­ment of the com­pany, many en­ter­prises made plans or wanted to par­tic­i­pate in the con­struc­tion of the area, such as China Rail­way Group Ltd, which has set up a sub­sidiary in Xion­gan for par­tic­i­pat­ing in the con­struc­tion of lo­cal in­fra­struc­ture.

We are launch­ing a new col­umn called “hk24hr” with snap­shots across Hong Kong to be con­trib­uted by pro­fes­sional and am­a­teur pho­tog­ra­phers. The best pic­tures will be pub­lished in our news­pa­per on week­days.

If your photos are se­lected, they will get ex­po­sure on our web­site, Face­book and Instagram ac­counts to mil­lions of read­ers across the Asia-Pa­cific re­gion.

There are no spe­cific re­quire­ments with re­gard to the con­tent as long as the photos are taken in Hong Kong.

Re­mu­ner­a­tion will be of­fered to those whose photos are pub­lished!

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