The Jaguar Enthusiasts' Club, the world's largest Jaguar automobile association, joined hands with a real estate company on Wednesday on the sidelines of the ongoing Annual Meeting of the New Champions－also known as Summer Davos－in Dalian, Liaoning province.
"They will cooperate in the construction and operation of a 2.4-kilometer-long Formula 3 racetrack in the Dalian Huangyuankou Economic Zone," said Shi Mingqiang, deputy director of the zone's administration committee.
It will be the first Chinese project of the Jaguar club, which operates in more than 84 national and international regions.
"As a top global motor club, the JEC has the capacity to make the track a big success," he said.
About $450 million will be invested for initial construction. Around the racetrack, there will be recreational and commercial facilities, such as a training school for car racing, a luxury seaside hotel, a theme park on motor sports and a shopping center.
"This will be the first high-end sports tourism complex in Dalian," Shi said.
It was one of 13 project agreements Dalian's government bodies and enterprises signed on Wednesday. Total investment reached $8.14 billion, of which $3.4 billion is foreign capital.
Maflow Components (Dalian) Co, a member of Boryszew Group of Poland, announced it will invest $8 million to expand its manufacturing capacity in the Dalian Free Trade Zone.
"Now, we have invested nearly $40 million in the Dalian factory," said Wojciech Szymczyk, the plant manager.
The company provides pipes for air conditioners and other components for big automakers, including BMW and Volvo.
"The Chinese automotive market is huge and will surely keep growing. We will invest according to demand from customers," he said.
More than 1,700 leaders in both public and private sectors from 90 countries and regions are gathering at the New Champions meeting, the ninth gathering, which runs from Wednesday to Friday in Dalian.
The event is a leading global gathering on innovation, entrepreneurship, science and technology. Since the first session in 2007, Dalian and Tianjin have hosted the event in alternate years.
Lu Lin, deputy mayor of Dalian, said the event is a good platform for the city to show itself to the world and to expand its international influence. It serves as a bridge that fosters closer relations between the city and global leading enterprises, Lu said.
