The management committee of Xiongan New Area announced on Tuesday that a special company has been established to fund construction of the area.
China Xiongan Construction & Investment Group is a state-owned company with registered capital of 10 billion yuan (about 1.47 billion US dollar). The scope of the company’s operation will include using the capital for overseas investments.
The Hebei provincial government approved its founding in July.
The company will raise funds to build houses and apartments, develop the Baiyangdian water area, build transport links, energy infrastructure and public facilities in Xiongan.
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.