(ATF) China’s northeastern coastal city of Qingdao is to benefit from a huge 226.5 billion yuan modernisation programme.
The former German colony, a port city of skyscrapers, parks and beaches bordering the Yellow Sea, which is well known for its annual beer festival, will see 63 key municipal service industry projects rolled out in 2021.
The Qingdao Municipal Development and Reform Commission said that each of the projects will involve investment of at least 1.5 billion yuan – and the planned investment for 2021 alone will be 28.47 billion yuan.
Read more: Ant rejig cools investor appetite for revived IPO
According to the Government Affairs office of Qingdao, this huge batch of investments is aimed at modernising and integrating the city’s service and manufacturing industries, as part of the country’s 14th five-year plan which began in 2021.
Among the projects are a Science and Technology Park, a New Kinetic Energy Industry Base and the Jimo·China Film Cloud Base.
There will also be financial projects such as the Guosen Internet Technology Finance Headquarters, which will see a total investment of 12.92 billion yuan, and four modern logistics projects like the Northeast Asia Aquatic Products Trading Center and International Fresh Cold Chain Trading Platform, which will cost a total of 8.6 billion yuan.
And there will be boutique tourism projects such as the Equestrian Polo Cultural Industry Research and Development Center, costing 38 billion yuan, 13 business service projects such as the 50 billion yuan Xingyuan Huadu International Commercial Plaza, and eight medical and healthcare projects, including gardens, featuring a total investment of 34.5 billion yuan.
Also on ATF:
China’s $111 billion boost to Guangdong’s tourist industry
China’s fast-growing onshore corporate bonds offer opportunities
