Pudong signs US$2.25b deals on cultural, sports, tourism projects

Deals on nearly 100 cultural, sports and tourism projects with an estimated investment of about 15 billion yuan (US$2.25 billion) were signed on Wednesday in the Pudong New Area.

They include east China headquarters of Lingxi Interactive Entertainment, a game company of tech giant Alibaba, in the innovation hub of Zhangjiang; a local e-commerce company of Sotheby's, the world's oldest auction house, in the free trade zone; and a Padel tennis field in the Yuanshen Stadium.

It is part Pudong's efforts to inject new impetus into post-pandemic development in the cultural, sports and tourism sectors.

Pudong will also provide 15 million yuan to relieve the financial burden of badly hit venues, especially theaters, cinemas, stadiums, book stores, tourist attractions and creative parks.

Under the plan, during the 14th Five-Year Plan (2021-2025), Pudong's total investment on cultural, sports and tourism projects will exceed 10 billion yuan, which will add 600,000 square meters of cultural venues, 1.44 million square meters of sports facilities and over 5,000 rooms in five-star hotels such as Hilton and Waldorf.

Pudong will also lead the country in legislating auctions of cultural relics, establishing an international cultural relics trade center and exploring innovative supervision of digital content.