Shenzhen will invest 1.3 billion yuan (US$157 million) in its new central area to build the largest shopping plaza in south China.

Commerce and Trade Investment Holdings Ltd., one of the three largest asset-management companies in Shenzhen, recently established the Shenzhen New City Shopping Center Co. to manage the construction of the project, said the Hong Kong Ta Kung Pao.

The project has received 500 million yuan (US$60.39 million) in credit from the Agricultural Bank of China Shenzhen Branch, and the Modern Friendship Co. has also invested 600 million yuan (US$72.46 million) to participate in the construction of the project.

The general merchandise plaza has been named New City Shopping Center. The total construction area of the project will be 240,000 square meters (2.58 million square feet) with 180,000 square meters (1.94 million square feet) of business area. Shopping will take up most of the plaza, which will also integrate food establishments, entertainment, recreation and tourism.

Upon completion, the New City Shopping Center will serve south China, Hong Kong and Macau. According to the schedule, the shopping center will be completed open for business by the end of 2004, the story said.

(Eastday.com.cn 06/20/2001)