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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.

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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