Yantai lures 20 projects worth $6.67b in Hong Kong

(chinadaily.com.cn)| Updated : 2018-12-04

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Yantai government hosted an investment forum in Hong Kong on Dec 3 with 20 projects worth $6.67 billion inked.

These projects cover some emerging industries including modern services, cultural tourism and new energy. Among them, there are 15 projects over $100 million with a total investment of $6.39 billion.

Zhang Shuping, the Party secretary of Yantai, said that Yantai city is making efforts to develop eight leading industries such as equipment manufacturing, biological medicine, modern logistics and high-end chemical industries.

According to Zhang, it has set up a fund of 300 billion yuan ($43.5 billion) for the transformation of old growth drivers.

Yantai, an industrial hub in East China’s Shandong province, has huge potential in developing the maritime economy with its vast sea area, long coastline and rich maritime resources.

It plans to give special attention to the establishment of an advanced manufacturing city and the creation of a springboard for cooperation and opening-up towards Northeast Asia.

Hong Kong is the largest source of outsides investment for Yantai, with more than 3,500 projects and over $11 billion investment having been launched in the coastal city.

To date, several renowned Hong Kong based companies have invested in Yantai, such as China Resources Group, Shimao and Hang Seng Bank.