(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.