Hopewell unveils Guangzhou development plan

Hopewell Holdings announced it would invest RMB 3 billion (US$361.4 million) in a property development dubbed Hopewell New Town in Guangzhou's Huadu district yesterday. Hopewell Chairman Gordon Wu Ying-sheung said the company would invest RMB 450 million initially. The project, expected to create 1.4 million sq m of floor space within 2 km of Guangzhou's Baiyun International Airport, is scheduled to be finished in eight to 10 years. Wu, who predicted Guangzhou would play a key logistics role in South China, said his company had discussed the idea of building a hub in the development with service providers.