The requested news item does not exist. Please return to News
China's Xiong'an New Area will boost job creation with infrastructure, service sector employment
Beijing - 3 May 2017: Xiong'an – the new government-backed area slated for development some 120 km south of Beijing – is more likely to rise as a brand new city rather than a 'bedroom community' for the Chinese capital, according to the latest insights by JLL's North China Research Head Steven McCord.
"Xiong'an will emerge as an entirely new city," says McCord, in his latest blog titled A fresh slate for a new city? "The purpose of this new city is different from government-built cities such as Canberra in Australia, Brasilia in Brazil, and Putrajaya in Malaysia, so it will not become a 'new capital', but rather allow Beijing to strengthen its core purpose of being the national administrative centre, as its purpose is to receive Beijing's non-capital functions."
Described by the Chinese government as "a strategy crucial for the millennium to come", the move to establish a relatively unknown corner of Hebei province as a new city can be considered something of a 'tabula rasa' and allow for speedier construction. Still, it takes time to build a city, and Xiong'an will be a multi-decade process. First of all, there must be a clear master plan, followed by the building of infrastructure, and then the amenities that will enhance quality of life, such as the schools, hospitals, and universities, which will make the place desirable. After that, office buildings can follow.
In many parts of northern China, particularly in Hebei, overreliance on heavy industries has not only caused severe environmental pollution, but also migration to Beijing, due to the slowly developing service industries in the region. Xiong'an is expected to be different, however.
"All jobs in Beijing that are unrelated to the city's role as a national capital should eventually go to Xiong'an, says McCord. "The development of Xiong'an will create infrastructure jobs and service-sector jobs, and will also provide low to medium-grade employment opportunities."
"Anything is possible with unlimited central government resources – and if given the best access to finance and expertise, a new city can be built." he adds.
– ends –
>>>Read more about JLL News>>>Read more about JLL Research
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 280 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $59.1 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, www.jll.com.
JLL has over 50 years of experience in Asia Pacific, with over 34,000 employees operating in 92 offices in 16 countries across the region. The firm won 15 awards at the International Property Awards Asia Pacific in 2016 and was named number one real estate advisor in Asia at the 2015 Euromoney Real Estate Awards. www.jll.com/asiapacific
In Greater China, the firm was named ‘Best Property Consultancy in China’ at the International Property Awards Asia Pacific 2016, and has more than 2,200 professionals and 14,000 on-site staff providing quality real estate advice and services in over 80 cities across the country. www.joneslanglasalle.com.cn
+86 (10) 5922 1371
+86 (10) 5922 1387