China's Xiongan New Area sets up company to fund construction

Photo taken on April 21, 2017 shows the scenery of the county seat of Rongcheng, north China's Hebei Province.[Photo:Xinhua/Yang Shiyao]

The management committee of Xiongan New Area has announced that a special company has been established to fund construction of the area.

With registered capital of 10 billion yuan (about 1.47 billion U.S. dollars), China Xiongan Construction & Investment Group is a state-owned company.

Aerial photo taken on March 31, 2017 shows Baiyangdian, north China's largest freshwater wetland, in Anxin County, north China's Hebei Province. [Photo:Xinhua/Yang Shiyao]

The Hebei provincial government approved its founding in July.

The company will raise fund to build houses and apartments, develop the Baiyangdian water area, and to build transport links, energy infrastructure and public facilities in Xiongan.

Aerial photo taken on April 1, 2017 shows Xiongxian County, north China's Hebei Province. [Photo:Xinhua/Yang Shiyao]

China announced plans in April to establish the Xiongan New Area, a new economic zone about 100 kilometers southwest of Beijing. It covers Hebei's Xiongxian, Rongcheng and Anxin counties.