Top builders look to historic city for growth
The city of Xian has caught the eye of two of Hong Kong's top developers.
The Hong Kong-listed subsidiary of China's biggest construction group plans to spend 20 billion yuan on a development project in Xian, the capital of Shaanxi province.
China Overseas Land & Investment, a subsidiary of China State Construction Engineering, will spend the money to build a park within the grounds of the Daminggong Palace ruins in the city's northern suburbs. The palace was built more than 1,300 years ago during the Tang Dynasty.
The residential and commercial project will redevelop the areas next to the palace.
China Overseas had signed a framework agreement on the development with the Xian government, said chairman Kong Qingping, who was attending the Xian City Trade Fair yesterday.