Controls fight speculation in Xiongan New Area property

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Aerial photo taken on April 1, 2017 shows Xiongxian County, north China's Hebei Province.

After news broke last Saturday that the authorities plan to establish a special area in northern Hebei province like the Shenzhen Special Economic Zone, property hunters have entered the area, leading to spiralling real estate prices.

The New Area will span three counties that sit at the center of the triangular area formed by Beijing, Tianjin, and Hebei's provincial capital Shijiazhuang.

Cities typically sprawl out over time, but the Chinese government just announced they will be building a whole new city about 62 miles away from Beijing.

Gao Ting, head of China strategy at UBS Securities Co, said the planned investment in the new area will likely give impetus to overall economic development. The new district would initially cover an area of about 100 square kilometres, and authorities want to turn the region into a new growth centre as China's economy slows, according to the news agency.

Speaking to Xinhua after the country announced it would set up the new area on Saturday, He called for pooling talent from China and other countries and drawing on worldwide experience to build the area.

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"This would be one of the centrepieces of a high-level development plan for the Beijing-Tianjin-Hebei region", said Bill Bowler, a sales trader at Forsyth Barr Asia Ltd in Hong Kong.

A specific plan for pollution control and environmental protection of Baiyangdian will be drafted as part of the blueprint, said He.

Located 100 km southwest of Beijing, the new area will also help to shift functions from Beijing as the government moves offices outside the capital.

It is estimated that these newly developed areas are large enough to house as many as 3.4 billion people, or almost half of the world's population.

According to local media, China is building a city which is three times bigger than NY. The second covers 200 square kilometers and the third 2,000 square kilometers.

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