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Ancient Beijing District Seeks Investment in HK
A fair on overseas investment in Xuanwu District, Beijing, one of the largest ancient culture industry center in China, was held in Hong Kong Thursday.
To make the most of the district's cultural resources and expand its cultural market, the local government has decided to build it into a new traditional Chinese culture industry center by resorting overseas investment, Tang Dasheng, governor of the district, told a press conference.
The district, located in the very heart of the capital city and close to the Tiananmen Square, is a densely-populated commercial and cultural center with a history of over 3,000 years. It is dotted with many of Beijing's venerable shops, such as Liulichang Culture Marketplace, Tongrentang Pharmacy, Pickle Shop and Zhang Yiyuan Tea shop.
A dozen renovation and expansion projects need overseas investment, including the renovation of old housing areas, improvement of business and trade environment and development of a traditional culture industry center, according to Tang.
During the fair, several cooperative contracts and agreements of intention were signed between companies of the district and Hong Kong, with an investment totaling 2.5 billion RMB yuan (US$304 million).
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