Xi’an to invest US$6bn to rebuild palace of China’s first emperor Qin Shihuang; Beijing calls for gov’t agencies to cut spending by 5%

Xi’an to invest US$6bn to rebuild palace of China’s first emperor

Staff Reporter 2013-07-08


The Epang Palace in Xi’an was the seat of Qin Shihuang, the first emperor to rule a unified China. (Photo/CFP)

The government of Xi’an in northwestern China has signed a contract worth 38 billion yuan (US$6.2 billion) to develop tourism centered on the the Epang Palace, an ancient palace more than 2,000 years in the provincial capital of Shaanxi, reports the China Business Journal run by the Chinese Academy of Social Sciences. The city government has signed the contract with the Beijing Capital Group, a state-owned enterprise with interests in infrastructure, real estate and financial services. The project plans to invest 3 billion yuan (US$480 million) to rebuild a park for the palace and make it the center of the tourist attraction. An additional 8 billion yuan (US$1.3 billion) will be invested in further tourist infrastructure at the site. The project will develop human resources around the site, said a staff member from the city government, who said a museum, arts center, conference center and cultural center will be built. The Epang Palace was located in western Xi’an. It was a palace complex built in the Qin Dynasty in 212 BC and was the home of Qin Shihuang, the first emperor to rule a unified China.

Beijing calls for gov’t agencies to cut spending by 5%

Xinhua 2013-07-08

China’s Ministry of Finance has issued a circular ordering central government agencies to cut their general expenditures this year by 5%, a move to push the frugality campaign launched by the current leadership under president Xi Jinping. According to the circular, a whole slew of fees shall be cut including money spent on the building and renovation of government offices, meetings, domestic and overseas trips, vehicles and official receptions. The circular also calls for more efficient uses of money by the government agencies, with the aim of improving people’s livelihood. Xi Jinping and his government have vowed to fight corruption and extravagance since he took office early this year.

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Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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