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Tianjin sees bright future
(China Daily)
Updated: 2008-07-21 14:24 Express railway While the OTC market would increase financial importance of Tianjin, the Beijing-Tianjin express railway is strengthening communications between Tianjin and Beijing. The State Council approved "Planning of Intercity Communications System among Beijing, Tianjin and Hebei in the Bohai-ring" in 2005, and the Beijing-Tianjin express railway began construction in June the same year. Costing about 7 billion yuan, the express railway began test runs on July 1, 2008 and will run regularly beginning August 1. The shuttle train covers the 120-km distance within 30 minutes, and is the first Chinese passenger train reaching 300 km an hour. Depending on the schedule, a conventional train takes two hours for the journey. Shorter travel or commuting time isn't the only benefit. Tianjin's larger society is being influenced one way or another by the high-speed train; the most obvious and direct impact is on its real estate market. Housing prices in Beijing are much higher than in Tianjin and the faster intercity express railway, would make it easier to live in Tianjin and work in Beijing. For Tianjin natives, "it will be more convenient to enjoy roast duck and Beijing opera". And as China's real estate market teeters on the edge of a depression there are hopes for a revival in Tianjin where housing firms such as the Singyaoo Group from Kunming has already bought a 734 hectare piece of land in the southwest part of the city. Singyaoo is planning to build a "new downtown" in Jiahu district consisting of living and recreational facilities such as an enormous indoor ski run, swimming and surfing pool, a pedestrian mall and a seven-star hotel designed by Richard Mayer, a leading US architect. China CITIC Bank will provide a loan of 20 billion yuan for the mammoth construction project. "We are building a new world here - a world for world-level entertainment and relaxation," says Yan Yu, chairman of Singyaoo Group. (For more biz stories, please visit Industries)
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