Tianjin Municipality plans to reconstruct its aged and dangerous residential houses beginning June 1st.
This largest reconstruction project in north China's port city involves 690,000 square meters of residential areas and 20,000 households, with 2.53 billion yuan of investment, according to local officials.
The port city became an important economic hub and home to many business magnates around 1404 in the Ming Dynasty.
The project will focus on part of Nankai district, which showcases local folk culture and history with famous restaurants, entertainment centers, educational institutions and shops selling gold, jewelry and curios.
The area covers a total of 1.55 million meters with 120,000 residents.
The reconstruction project is funded by bank loans, and will be completed at the end of November.
(People's Daily May 23, 2003)
