Baoneng to invest 35.5bn yuan in Kunming’s sports town

Chinese property and finance conglomerate, Baoneng Group, is planning to spend 35.5 billion yuan to build the Anning International Spring Sports Tourism Town in Kunming of Yunnan Province.

Baoneng signed a strategic co-operation framework with the Kunming government in November, which includes terms for establishing an international trade and finance center in Wujiaba, a modern city with a medical health center, an international sports tourism town cluster, and other technology, logistics and new energy car projects.

The Anning project, which focuses on sports, tourism, culture and health, was finalized on December 20, when Baoneng decided to make the proposed 1400-acre town as its first move in Kunming.

In August, an investment subsidiary of Baoneng Group, Shenzhen Jushenghua, acquired assets and operation rights of the Guangzhou International Sports Arena for RMB 3.7 billion. Baoneng has also been involved in local sports businesses since April 25, through an agreement with the Guangzhou Development District (GDD).

Source: xw.kunming.cn

Proofread by William Logsdon