China Phoenix Plaza Project gets nod
- Details
- Category: Ningbo Business
- Published: Tuesday, 31 July 2012 08:23
According to a recent statement issued by the National Development and Reform Commission (NDRC), the country's top economic planer, it has formally approved the China Phoenix Plaza Project in Dubai, officially kicking off the construction.
On September 28, 2011, Ningbo Phoenix Century Plaza Investment Co., Ltd invested $ 400 million in the project in collaboration with the UAE Dubai Milas Holding Group. The signing ceremony was held in the Zaabeel Palace in Dubai. The project is so far the largest international commercial project in Dubai invested and managed by private Chinese enterprise.
As the preparatory work for project has been completed, the plaza is expected to be completed and opened in 2014. The plaza covers an area of 856 mu (57 hectares), with a building area of 700,000 square meters. The finished plaza plans to invite 4,000 to 6,000 Chinese companies. Covering 30 industries and more than 200,000 products, the plaza will attract 100 million buyers and 20 million consumers from North Africa, South Asia, southern Europe, the Middle East and Arabian region. The plaza is positioned as a Chinese commodity overseas trade center. As a build-operate-transfer (BOT) project, Chinese side, as the designer and builder, shall manage and operate the plaza for 35 years and will hand it over to the Dubai side in due time .
Yang Wenjun, head of the project, said the plaza has attracted the attention of many companies in Zhejiang Province and Ningbo, and some are submitting applications to open stores in the plaza
