(Yicai Global) Sept. 5 -- Huaxun Fangzhou Co. [SHE:000687], a defense contractor headquartered in Shenzhen in China's southeastern Guangdong province, plans to build a wing-in-ground-effect (WIG) vehicle industry base in Ningbo, in eastern Zhejiang province with total investment of USD321.75 million (CNY2.1 billion).
The company's board of directors yesterday approved the investment proposal to build the project in the Sino-Italy Ningbo Ecological Park, with a planned construction area of 533,000 square meters, and it is expected to go into operation before the end of June 2020, Huaxun Fangzhou said.
A wing-in-ground-effect vehicle is a low-flying water aircraft that can land on water at any time, and which features high speed and maneuverability. It has applications in the military, maritime law enforcement, marine tourism and marine transport fields.
Sino-Italy Ningbo Ecological Park -- a modern industrial park the Chinese and Italian governments jointly built with a total area of 40 square kilometers -- includes new energy vehicles, environmental protection, general aviation, life science, health and other industries. Ningbo lies on the east coast of Zhejiang province and is an important port city in China.
Wing-in-ground-effect vehicles form the core business of the company's wholly-owned subsidiary, Shenzhen Huaxun Fangzhou Equipment Technology Co. The investment will help to enhance the comprehensive strength of its core business, Huaxun Fangzhou said.