Read original article on The Guardian or read some of the key points below;
- A hitherto anonymous region near China’s smog-choked capital has been overrun by house buyers after Beijing unveiled “historic” plans to build a new city there in a bid to slash pollution and congestion.
- Plans for the Xiongan New Area, a special economic zone that authorities say will eventually cover an area nearly three times that of New York, were announced by the Communist party’s top leaders on Saturday with a flurry of government propaganda.
- In a joint statement two of China’s most powerful political bodies, the central committee and state council, described the new city, which will straddle three counties about 100km southwest of Beijing, as “a strategy crucial for a millennium to come”.
- Local media reports claimed property prices nearly doubled in the hours after the surprise announcement. Local estate agents were forced to close on Monday after the government introduced an emergency sales ban in response to a surge in interest.
- Official news agency Xinhua said Xiongan’s creation would reduce pressure on China’s car-clogged, 22 million-resident capital, and “usher in a new chapter in the country’s historic transitioning to coordinated, inclusive and sustainable growth”.