SINOBO GROUP wins CNY20bn bid for Beijing 2022 Taizicheng Olympic Village

Chinese high-end real estate developer SINOBO GROUP successfully won the bid to construct the Taizicheng winter sports town in Chongli District, Hebei Province, the site for the Beijing 2022 Olympic Village in Hebei. The company formed joint bid with two other companies, Thaiwoo Tourism and Vacation Co., Ltd. (太舞旅游度假有限公司) and the Beijing Tourism Group. 

Winning this bid allows the SINOBO GROUP to start another strategic step and add another significant sport industry project to their corporate portfolio. The partnership is also a noteworthy milestone in the preparation work for Beijing 2022, signaling the start of the construction phase of the town.   

The news was announced at a signing ceremony which took place at the China (Langfang) International Economic & Trade Fair on May 18th. Hebei Province Governor and Deputy Governor both attended the ceremony to witness the signing between SINOBO and Taizicheng winter sports town. 

The planned investment for the entire project is CNY20bn (USD3.14bn) with SINOBO  taking a 70 percent stake of the Taizicheng winter sports town. 

The Taizicheng winter sports town is set to become an important Olympic village in the Chongli area of Hebei Province. It will be developed around the Taizicheng railway stop on the Chongli railway line, a branch of the Beijing-Zhangjiakou Intercity Railway. 

The size of the area to be redeveloped will be 2.89 sq. Km, with a construction size of 1.5m square meters. A variety of infrastructure and facilities are planned to be built, such as a high-speed railway station, winter sports facilities, commercial real-estate, hotels, cultural and creative facilities, accommodation buildings along with both medical and educational facilities. The project will also need to  lease out some of the commercial real estate to attract investors to operate some of the facilities such as the medical and educational sites. 

Some of the 2022 Winter Olympics events will take place in Chongli. Design of the Taizicheng town commenced in October 2017 where both domestic and international architects  and experts visited the area. 

SINOBO have been actively involved in the sports industry in recent years, becoming a majority shareholder of Beijing Guoan Football Club in 2016. 

Source: Chinanews 

Proofread by Raymond Fitzpatrick