YANTAI, a coastal industrial city in Shandong province, is stepping up the development of its real estate industry with more land being offered for foreign participation.
Vice-Mayor Zhang Huafu said Yantai had decided to offer 14 pieces of land in ''golden districts'', totalling 8.6 million sq m, for redevelopment or new projects.
He said the latest offering followed the successful lease of 15 pieces of land, out of 18 plots put up for foreign participation last year.
According to Mr Zhang, the latest 14 plots would allow the development of hotels, shopping malls, offices, commercial and residential buildings.
To further expand the service sector, he said Yantai was planning about 20 projects relating to tourism, finance and commerce.
Yantai will participate in the Shandong trade fair in Hongkong next month, in which the city will try to tap foreign capital for developments in energy, transport, industry and about 100 property and other service sector projects.
Some 15 property development enterprises have been established in Yantai, participating in 123 projects worth nearly US$1.1 billion.