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Tears and cheers greet China's new economic zone
Businesses see only modest payouts after relocation; authorities hope area will flourish into a growth hub
The planned Xiongan New Area measures just 2,000 sq km and has less than one per cent of Beijing's economic output. But the proposal to turn it into a huge modern metropolis sparked a real estate speculation frenzy as home buyers descended on the previously unknown area.
PHOTO: REUTERS
Xiongan, China
BUSINESS owner Hu Weibing weeps at the prospect of losing everything, including his home, after China's surprise announcement to transform a rural spot outside Beijing into a modern metropolis nearly three times the size of New York City.
Mr Hu's family-run clothing...
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