Beijing plans US$ 8.8 billion business district

The Beijing Municipal Government and Beijing Fengtai District Government are to invest CNY 60 billion (US$ 8.8 billion) in the construction of the Lize Finance Business District, according to the People's Daily newspaper.

The new 5.25 km2 business and finance district will be situated in Beijing's Fengtai District and is expected to contribute CNY 20 billion (US$ 2.9 billion) to the local economy per year.

Beijing is also expanding its Central Business District, according to the report. Investment is currently running at CNY 15 billion (US$ 2.2 billion) per year. The government expects to invest a total of CNY 100 billion (US$ 22 billion) and create 150000 once the projected expansion is complete, added the report.