An overhead view of the planned development in Xicen town. [Photo/Shanghai Observer]
The town of Xicen — located at the westernmost part of Shanghai — recently secured 15.6 billion yuan ($2.14 billion) in loan funding for the development of its Xicen Sci-tech Innovation Center.
The financing agreement, signed on Feb 8, is seen as a significant step forward in the expansion of the center beyond the existing presence of Huawei’s research and development facility.
The Xicen Sci-tech Innovation Center is divided into two sections – the eastern section housing Huawei’s Lianqiu Lake R&D center and the western section, known as the Xicen Sci-tech Innovation Park.
The western section, spanning 226 hectares, is being developed by the Yangtze River Delta Investment (Shanghai) Co Ltd with a total investment of 50 billion yuan. The company aims to establish a world-class waterfront innovation town and a model for ecological green development in the Yangtze River Delta region.
The newly secured funds will be used for two projects — the Xicen Community Urban Village Renewal Project and the second phase of the Xicen Innovation Park.
The first project, receiving a loan of 13 billion yuan, aims to create a transit-oriented development integrated service hub for the region, leveraging the Xicen subway station.
The second phase of the Xicen Innovation Park project, located in the core R&D innovation area, is regarded as a crucial element of the area’s functional development.
It will encompass waterfront commercial and office research and development facilities, a sports center, cultural center, kindergarten, seven municipal roads and various public amenities.
The Xicen Innovation Center is a key demonstration project within the Yangtze River Delta Green and Integrated Ecological Development Demonstration Zone – considered a pioneer area for the region’s development.
Source: Shanghai Observer
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