Capital Urbanization Co Ltd will become a major developer for a new city project in Beijing and Tianjin region, aiming to become a leading urban developer and operator, according to the company's top management on Thursday.
"As a subsidiary of Beijing Capital Group that focused on city planning and development, Capital Urbanization will employ its experiences and advantages to explore new models for city development in the future," said Li Songping, Managing Director of Capital Group.
According to Li, Light Year City, the new city project undertaken by Capital Urbanization, will become an important pilot demonstration area to receive non-capital functions from Beijing and Tianjin.
It will introduce breakthroughs in key domains including traffic integration in Beijing and Tianjin region, ecological environmental protection and industrial upgrading and transformation, he said.
"The industrial development concept of the new project will be based on the complementary functions of tourism, culture and education, and health and medical treatment," Li said.
Upon completion, Light Year City will produce around 300 billion yuan ($43.9 billion) of total output value each year, providing over 600,000 jobs, he said.
Being at a strategic location, the new city project will receive support from the two cities' governments and attract attention from investors home and abroad, according to Zhong Wei, director of Financial Research Department of Beijing Normal University.
Founded in 1995, Beijing Capital Group's total asset value reached 281.2 billion yuan in 2017, gaining a total profit of 5.26 billion yuan in the same year, according to the group's statement.
