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Post-quake investment booms in Sichuan
2008-09-08
China Daily
Sichuan is witnessing a new wave of investment after the May 12 earthquake. Contractual foreign investment has surged 207.5 percent year on year to $4.2 billion in the first half of the year, according to official figures released by the province's bureau of commerce.
The actually utilized foreign investment has amounted to $1.81 billion, increasing by 107.9 percent, the official source says.
Chengdu, capital of the province, is leading the boom. The city's contractual foreign investment accounts for 80 percent of Sichuan's total figure with a growth rate of 218.9 percent.
Real estate is one of the fastest growing industries, drawing over half of the foreign capitals; 52.1 percent of the contractual foreign investment has gone to real estate in the first half, compared to 47.9 percent a year earlier. Actually utilized investment has reached 58.1 percent.
Many overseas companies have seen business opportunities after the province started reconstruction in May.
Lehman Brothers Holdings Inc, one of the Fortune 500 companies, established a joint venture company with China Railway Erju Co in Chengdu, focusing on the infrastructure work.
Jung Woo & Company, a South Korea-based real estate giant, signed a 6 billion yuan contract with Chenghua District in Chengdu shortly after the earthquake.
Sichuan province attracted $1.72 billion in foreign capital in 2007 and became investors' favorite spot in Southwest China.
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