SHANGHAI :
Tianjin Government, CSCEC Team Up to Embark on USD13.2 Billion Urban Development Project
Chong Hua
DATE:  Jul 24 2017
/ SOURCE:  Yicai
Tianjin Government, CSCEC Team Up to Embark on USD13.2 Billion Urban Development Project Tianjin Government, CSCEC Team Up to Embark on USD13.2 Billion Urban Development Project

(Yicai Global) July 24 -- The Tianjin local government has signed three new urbanization development framework agreements worth nearly CNY90 billion (USD13.2 billion) with a subsidiary of state-run China State Construction Engineering Corporation (CSCEC) during a forum called "New Urbanization Form" held in the city.

The local government of Binhai New Area in Tianjin inked a framework agreement with China Construction Fangcheng Investment & Development Co., a second-tier subsidiary of CSCEC, also known as CSCEC Fangcheng, to jointly develop the second phase of a new town in southern Binhai with a total investment of around USD4.12 billion.

In another deal, the government of Tianjin's Jinnan district executed a framework agreement with CSCEC Fangcheng to kick off a comprehensive urban development project in Gegu Township, whose total investment is projected to be USD4.4 billion.

The Hedong district local government also signed a framework agreement with CSCEC Fangcheng to jointly develop a financial and trade industry park and several other industrial complexes in the district, with a total investment of around USD3.37 billion.

Tianjin plans to build 10 new municipal-level "wetland towns" and 20 "local specialty towns" by 2020 with a combined population of about 500,000. The urbanization rate of permanent residents will exceed 84 percent, said vice mayor Sun Wenkui. Furthermore, the city will unveil six state-level 'new urbanization' pilot projects to get experience in investment and financing mechanism development, city-industry integration and urbanization of rural migrants.

Follow Yicai Global on
Keywords:   Tianjin,Local,GOVERNMENT,Urbanization,Framework,Agreement,Deal,STATE-OWNED,Enterprise,CSCEC,INDUSTRY,Park,Subsidiary,DEVELOPMENT,Project