Complete Property Market Updates of Singapore

April 30, 2008

Chongqing wants to learn urban development from S’pore

Filed under: 1 — Propertymarketupdates @ 4:12 am

China’s Chongqing government is keen to tap Singapore’s expertise in urban planning, public administration and economic development.

During a meeting between Singapore and Chongqing officials yesterday, Chongqing Communist Party secretary Bo Xilai expressed hope that Singapore will play a major role in Chongqing’s remaking, such as building a park comparable to the Suzhou Industrial Park.

The former Chinese minister of commerce even briefed Singapore’s Minister of State for Trade and Industry Lee Yi Shyan on the city’s ambitious five-year plan to transform itself into a leading economic and transport hub for western China.

Summarising the potential the Chinese city offers, Mr Lee said: ‘The Chongqing government has set aside about $40 billion (200 billion yuan) for infrastructure investments in the next five years. It also hopes to raise another $320 billion through the private sector to invest in industry, housing and other city improvement projects in the same period.

‘Every year, Chongqing needs to build new housing for 500,000 people (about the size of two Toa Payohs) to cater to an ultimate city population of 10 million.

‘All these efforts of remaking the city would mean many opportunities for Singapore companies in urban planning, real estate development, logistics services, education and environmental services.’

Mr Lee is in Chongqing with a business delegation following an official trip to Jiangsu. The delegation, consisting of representatives from more than 30 companies, will take part in today’s Chongqing-Singapore City Planning Networking Session.

Organised by IE Singapore, the Singapore Business Federation, Chongqing Municipality Foreign Affairs Office and Chongqing Urban Planning Bureau, the networking session will showcase Singapore’s experience in urban development. The visiting Singapore companies are largely from the infrastructure and real estate, information technology, education, financial services, transport and logistics, and tourism sectors.

Mr Lee is accompanied by Senior Parliamentary Secretary for Transport and Community Development, Youth and Sports Teo Ser Luck, MP and CEO of Business China Singapore Sam Tan, and officials from the Ministry of Trade and Industry, IE Singapore, Economic Development Board and the Singapore Tourism Board.

Source : Business Times – 24 Apr 2008

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