Beijing's Xuanwu District, the city's oldest area which dates back more than 3,000 years, is sparing no effort to introduce domestic and foreign investment into its real estate and infrastructure construction.
Zhang Wenhua, vice-governor of the district, said joint ventures, investment enterprises, solely foreign companies and overseas Chinese are welcome to participate in renovation projects through various means.
"Investors may enjoy preferential treatment on taxation, registration, infrastructure investment compensation and streamlined administration procedures," Zhang said.
Experts said dense population and backward infrastructure conditions have hindered the development of the district.
They said the Xuanwu District should take full advantage of its rich historical and cultural resources to spur social and economic progress.
"Infrastructure construction and the renovation of old houses have been set as the primary stage for Xuanwu's development," Zhang said.
According to the general scheme, the district - the traditional commercial and cultural centre of Beijing - is expected to become a hub of cultural and modern commerce institutions by the end of the 10th Five-Year Plan period (2001-05).
To promote Xuanwu's real estate projects, the second session of the Xuanwu Economic and Trade Fair is to be held tomorrow and Wednesday in Beijing. The fair will present 66 real estate and infrastructure projects to investors from home and abroad.
(China Daily 10/22/2001)
