A theme park, alongside business and tourism centres, will be created at China’s first permanent racing circuit in Zhuhai City by LBS Bina Group Bhd.
LBS Bina Group Bhd, whose headquarters are in Malaysia, is set to undertake a race-track integrated development on a 264 acre site in Zhuhai City, in a joint venture with Zhuhai Jiuzhou Holdings Group Co Ltd reports The Star. The site is already home to the Zhuhai International Circuit (ZIC). A permit has been received to use the land for additional purposes.
Investment for the projects will be in the region of 3.5 billion yuan. The land is divided into two plots: West Land stretches to around 213 acres while East Land is about 47 acres.
West Land developments will include a China-Malaysia Cultural Centre. It will also take in racing circuit amenities, including a servicing centre, exhibition hall, research and development centre, petrol kiosk and first aid centre. In addition there will be a theme park, commercial area and tourist visiting tower.
East Land, meanwhile, has been approved for developments that include a Malaysia Cultural Village, a China-Malaysia Cultural Museum, the Cheng-Ho Cultural Hall and the Malaysia economic and trade building. There will also be a themed business area and hotel block, a shopping arcade and other amenities.
LBS Bina has already received a permit from the Development and Reform Bureau of Gaoxin District. It now needs to gain relevant approvals from the Water Resources Department, Environmental Department, and Land and Resources Department before it can start work.
LBS Bina’s long relationship with China began in 1978 when it built the Chinese Embassy in Kuala Lumpur. The group expanded to Zhuhai in April 2004 when it acquired Intellplace Holdings Ltd (IHL), – a 60:40 sino-foreign joint venture property development project in Zhuhai.
Zhuhai is a modern city in the southern Chinese Guangdong province, set on the border with Macau. It is known for its theme parks, golf resorts, shopping malls and islands off the Pearl River Delta.
The Zhuhai International Circuit (ZIC) was initially constructed in 1993, in Jin Ding town in Zhuhai City.
https://www.thestar.com.my/business/business-news/2017/11/16/lbs-bina-gets-nod-for-rm2pt2bil-projects-in-china/
