Controls fight speculation in Xiongan New Area property

Controls fight speculation in Xiongan New Area propertyā€¯

A general view shows a residential area of Pudong district in Shanghai, China April 4, 2017. It basically aims to be an worldwide city on par with global standards.

As per China Daily, a circular released by the CPC Central Committee and the State Council noted that the area will feature "geological advantages, convenient transportation, an excellent ecological environment, ample resources and lots of room for development".

Speaking to Xinhua after the country announced it would set up the new area on Saturday, He called for pooling talent from China and other countries and drawing on worldwide experience to build the area.

It is part of the government's ambitious plan to develop the Beijing-Tianjin-Hebei region. It houses Baiyangdian, which happens to be among the largest freshwater wetlands in northern China with over 140 lakes that cover an area of 360 square kilometers (139 square miles).

The main aim is not to develop the real estate industry, let alone to become a speculative "gold mine", Zhao said.

It is estimated that these newly developed areas are large enough to house as many as 3.4 billion people, or almost half of the world's population.

Quoting Xi, Zhang said authorities should coordinate efforts like moves in a chess game and phase out "non-capital functions" from Beijing in an orderly manner. The subsidiary center will be in the eastern suburbs of Tongzhou.

The new area will create a favorable environment for innovation and attract innovative talent and teams to help build it into a "high ground" for innovation and a new science and technology city, the official said. Over the years, the Chinese government has built dozens of new metropolitan areas and free trade zones (FTZs), with the majority ending up becoming "white elephants" that are neither economically viable nor sustainable.

Xiongan is expected to cover a total area of 2,000 square kilometers.

In the interview, the NDRC head didn't give a timetable for the building of the new area.

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