Construction of Boao Duty-free Complex to start this year

Excavators start new construction projects to boost the establishment of the China (Hainan) Pilot Free Trade Zone. [Photo by Wu Wei/Hainan Daily]

The Boao Duty-free Complex project in Qionghai, a county-level city in Hainan, was officially signed with a total investment of 2 billion yuan ($294.5 million) recently.

It will start construction this year, with a planned completion date of 2024.

Covering an area of about 310 mu (20.67 hectares) on the west of Binhai Road in Boao town, the project will include duty-free shops, taxable shops, hotels and office buildings. The owner will be China International Travel Service Investment Development Co Ltd or its subsidiary company in Hainan.    

On the same day, 17 cities and counties in Hainan province simultaneously launched construction projects and contract signing activities to boost the free trade zone establishment. Work on 147 second batch projects started with a total investment of 108.3 billion yuan. Meanwhile, agreements for 104 projects were reached on site with a gross investment of 158.2 billion yuan.

The Sanya parallel session sees a large turnout. [Photo by Wu Wei/Hainan Daily]