The china Development Bank will cooperate with the GuangZhou Construction Group to co-finance their projects to RMB 20 billion. The cooperation projects include Guangzhou New Town (an aid project to Xinjiang), three-old reconstruction projects for Guangzhou Construction Group and its subordinate units, affordable housing projects mainly relied on Guangzhou Construction Group and low-carbon steel structure production based in South China.

This is the first time for the China Development Bank to cooperate with construction enterprises in Guangzhou. The two parties cooperate with each other in an in-depth and comprehensive way to establish a new strategic cooperative partnership between industry groups and financial groups so that common prosperity could be achieved.

Liang Huqing, the general manager of the Guangzhou Construction Group, said, among the cooperative investments, the “Guangzhou New Town” project would account for RMB 6.5 billion, three affordable housing projects RMB 3 billion, low-carbon steel structure production base in South China RMB10 billion, and three-old reconstruction projects for Guangzhou Construction Group and its subordinate units of about RMB 500 million.