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China Southern invests $1.5 billion in China's new transportation hub

07/02/2018| 11:07:43 AM|

The airline operator will allocate 2.5 billion yuan in cash and 7.5 billion yuan in tangible assets to set up a subsidiary called China Southern Airline Xiongan.

China Southern Airlines will invest 10 billion yuan (USD 1.5 billion) in Xiongan, the new city that aspires to be a model for China’s future urban development.

The airline operator will allocate 2.5 billion yuan in cash and 7.5 billion yuan in tangible assets to set up a subsidiary called China Southern Airline Xiongan in the city, to provide flight services and sales of aviation materials, according to a stock exchange filing Friday.

E-commerce giant Alibaba Group Holding will connect the city’s transportation, energy and water supply to its cloud. Search engine Baidu’s Apollo autonomous driving system will also play a role in Xiongan’s transport network.

A high-speed train between the capital Beijing and Xiongan is expected to be operational by the end of 2020, cutting the commute to about 30 minutes.

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TAGS: China Southern | Xiongan | Alibaba | Baidu
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