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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 spearheaded by Chinese president Xi Jinping 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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