On Tuesday Malaysian development company Giant Consolidated Ltd announced plans to build a 50.1 billion yuan (US$8.1 billion) industrial expansion project in Songming (嵩明), Business Times is reporting. The venture will be attached to the already existing Songming Yanglin Industrial Park.
In March the Yunnan government announced the lofty goal of generating 100 billion yuan (US$16 billion) in annual contracts and sales from each of the province's ten largest development zones. By signing the agreement with Giant, the Yanglin Industrial Park achieved half of that goal in one day.
Giant will break ground on the project in March 2013. When finished in ten years, the industrial park will be larger than the city of Singapore, according to Business Times. If true, the project would triple the current size of Songming's development zone.
Yanglin Industrial Park has been under development since 1992. Because of its location only 10 kilometers from Kunming Changshui International Airport it is now positioning itself to become a major production and logistics hub.
Yanglin is currently home to several biotech and pharmaceutical companies, as well as having brewing and bottling factories for Carlsberg and Yanjing beer. The complex also has 11 university campuses including a satellite branch of Yunnan Normal University.
Giant's expansion of the existing industrial park is expected to provide a huge boost to the local economy. According to its website, Yanglin is expecting to house and employ more than 150,000 people and see its student population grow by a factor of ten over the next decade.
The Malaysian company also signed an agreement this week to build a 31 billion yuan (US$5 billion) electrified railroad in Laos. The shipping and passenger line will cross Laos connecting Savannakhet in the west to the Vietnam border in the east.