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

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