Pudong Signs $2.25 Billion Contracts for Cultural, Sports and Tourism Projects

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

Among them are the headquarters of Lingxi Interactive Entertainment in East China, the gaming company of the technology giant Alibaba, located in the Zhangjiang Innovation Center; local e-commerce company Sotheby’s, the world’s oldest auction house, in the Free Trade Zone; and a padel tennis field at Yuansheng Stadium.

This is part of Pudong’s efforts to give new impetus to post-pandemic development in the fields of culture, sports and tourism.

Pudong will also provide 15 million yuan to alleviate the financial burden of hard-hit places, especially theaters, cinemas, stadiums, bookstores, tourist attractions and creative parks.

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

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

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