Aerial view of houses and buildings in Rongcheng county, one part of the new special economic zone Xiong'an New Area. Photo: AFP

The People’s Daily reported (link in Chinese) Monday that the China Xiongan Construction Investment Group was established in late July, citing China’s National Enterprise Credit Information Publicity System.

The Hebei provincial government will be the sole shareholder for the entity, which has registered capital totaling 10 billion yuan (US$ 1.49 billion).

According to the report, the scope of the company’s operation will include using the capital for overseas investments.