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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

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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