home buyers: The planned Xiong'an New Area currently measures 2,000 sq. km 772 sq. miles and has less than 1 percent of Beijing's economic output, but the announcement a week ago sparked a real estate speculation frenzy as out-of-town home buyers from across the country descended on the previously unknown area, according to The Japan Times. It's certainly good for Hebei and the regional economy, but it's a disaster for mid- and small-size business like ours, said Hu, staring at the bare concrete walls of the four-story dream home he began building last year but will never be able to finish. Hu's family run-clothing factory in the northern province of Hebei could close at the expense of a new special economic zone similar to those in Shanghai and Shenzhen. Though authorities have not yet told him what is next, he is bracing for things to progress in the fashion that has become typical for government mega-projects forced relocation and modest monetary compensation. And land prices elsewhere are guaranteed to be out of his reach. The changes will scatter his 40 local employees, each painstakingly trained for two years to produce the winter jackets that Hu's Yuhua Clothing Manufacturing sells to clients in Moscow.
(news.financializer.com). As
reported in the news.
Tagged under home buyers, announcement week topics.