Eight letters of intent were signed Sunday for construction projects of an avenue which will gather together global media giants in the southern part of Beijing.
The 3.2-kilometer (1.99-mile) International Media Avenue will be located in the Xuanwu District, and will cover an area of 220 hectares (544 acres). An estimated investment of 30 billion yuan (US$3.6 billion) would be needed to build the avenue.
Of the eight agreements signed today at the ongoing Beijing International High-Tech Exposition, five were investment contracts involving a total of 9.4 billion yuan (US$1.14 billion).
An investment deal for the construction of a global news center was funded by China's Xinhua News Agency and other entities. It is considered to be the leading project for the building of the avenue, and will have 1.72 hectares (4.25 acres) of floor space.
Relocation projects to make way for the construction of the 42-hectare (104-acre) International Media Center were also clinched at the exposition. The center is expected to cost a total of 3.6 billion yuan (US$435.31 million).
(People’s Daily May 27, 2002)