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Xi Jinping's dream city gets $1.5 billion investment from China Southern

The city has attracted investment -- both for business opportunities and political reasons -- from some of China's largest companies

Xi Jinping
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Chinese President Xi Jinping shakes hands with another attendee after the closing session of the annual National People’s Congress in Beijing on Tuesday Photo: AP/PTI

Lulu Yilun Chen I Bloomberg
China Southern Airlines Co. will invest 10 billion yuan ($1.5 billion) in Xiongan, the new city spearheaded by Chinese president Xi Jinping that aspires to be a model for China’s future urban development.

The airline operator will allocate 2.5 billion yuan in cash and 7.5 billion yuan in tangible assets to set up a subsidiary called China Southern Airline Xiongan Co. in the city, to provide flight services and sales of aviation materials, according to a stock exchange filing Friday.

Xiongan, which President Xi Jinping designated just over a year ago, wants to be a high-tech city teeming with leading-edge

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First Published: Jun 30 2018 | 11:54 PM IST

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