08 April, 2017
Highways were reported to be clogged and people were camping outside real estate agents' offices in the rush to buy property thought to be inside the Xiongan New Area, 100km south of Beijing in Hebei province.
The state news agency Xinhua reported that the plans are meant to advance the development of the Beijing-Tianjin-Hebei region and will be expanded to cover an area of 2,000 km in the long term - almost three times the area covered by New York City.
For investors, the new area will focus on environmental, transportation and industrial upgrades as a jumping off point for a broader effort, UBS Securities wrote in a research note.
City planning for the Xiongan New Area must reach the standard of a first-class global city, and architecture there should fully embody elements of Chinese culture, He said in the interview.
According to local media, China is building a city which is three times bigger than NY.
Shares related to Xiongan New Area in Heibei Province, described as "a thousand-year project" by the government, was surged by daily limit in the past three consecutive trading days.
The new area, called Xiongan, is about 100 kilometers from Beijing and Tianjin, rounding up the coordinated development of the Beijing-Tianjin-Hebei region.More news: MLB salaries: Los Angeles Dodgers, Detroit Tigers have top payrolls in 2017
Regional planning should be systematic, Zhang said, with stronger land, real estate and population controls.
According to Global Times, Xiongan is now an underdeveloped area but holds great potential for development.
The new area has already received encouraging responses from property and stock markets earlier this week.
The new area will be of the same national significance as the Shenzhen Special Economic Zone, established in the 1980s, and the Shanghai Pudong New Area, set up in the 1990s, said the circular on Saturday.
According to Bloomberg, an analysts at Jefferies Group, Howard Lau here adds, "The collaborative development of the three regions is meant to solve problems like overpopulation and traffic congestion in Beijing".
In the interview, the NDRC head didn't give a timetable for the building of the new area.