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China Daily Website

New airport to spur regional real estate

Updated: 2012-02-28 16:19

As the construction on the new airport in Beijing is soon to begin, many analysts predict that the area surrounding the airport will become a new hot spot for real estate development, National Business Daily reported Tuesday.

According to statistics from the transportation authority of Lang Fang, in North China's Hebei province, the airport is to be built in the area between the junction of Beijing and Langfang city. The airport, which will be the world's largest once completed, will be equipped with nine runways and is expected to handle over 130 million passengers and 5.5 million tons of cargo annually, the report said.

Feng Lianlian, a staff member at the market research department of Home Link, a Beijing-based real estate agency, said that the completion of the new airport will spur the region’s housing sales as well as housing prices.

In the past three years, a number of real estate developers, including big industry players such as China Poly Group Corporation and Longfor Group, have already been attracted to grab a market share in the area.

"As the construction of the new airport quickens its pace, certain related industries like logistics and services will also join in and bring a scale gathering effect, which is in turn conducive to the development of commercial housing projects," added Chen Liang, dean of a market research institute affiliated with real estate agency B.A. & 5I5J Group.