Guangdong is getting a multibillion-dollar shot in the arm to kick-start infrastructure and other projects.
China Development Bank has signed 40 billion yuan (HK$48.95 billion) in financing deals with municipal governments, including those of Zhongshan and Qingyuan, and transport groups in the province.
'This will alleviate the financing difficulties of major projects and construction activities in Guangdong,' the bank said on its website.
The State-owned Assets Supervision and Administration Commission (Sasac) said on its website that Nam Kwong Group had signed an agreement with the municipal government of Zhuhai to invest at least 10 billion yuan in the city, which adjoins Macau.
Nam Kwong is a state-owned enterprise directly under Sasac and headquartered in Macau. The company will invest in several areas, including the Hengqin Island development zone, logistics, tourism and hotels.
Separately, China Communications Construction (CCC), the Guangdong branch of the National Development and Reform Commission and Guangdong Finance Investment Holdings, an investment company owned by the province, signed an agreement this week to set up an infrastructure fund, CCC said.
The fund would initially have 5 billion yuan to invest in infrastructure, reclamation and urban development projects in Guangdong, with plans to increase that over time to 30 billion yuan, it said.
