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HomeBusiness NewsDevelopment of Hainan International Duty Free City project underway

Development of Hainan International Duty Free City project underway

On the west coast of Haikou, near the new seaport, the main structure of the duty-free business center for the Haikou International duty-free city is taking shape.

The center is expected to open in June next year, when it will become the world’s largest single duty-free commercial complex.

As a key project for the Hainan Free Trade Port, the international duty-free city is an important carrier for Haikou to further expand the duty-free industry and boost the return of overseas consumption.

It is reported that the total investment of the project is nearly 13 billion yuan, and so far 3.070 billion has been invested, which is around 23.87% of the total investment plan.

According to statistics, 29 state-owned enterprises registered 57 subsidiaries in Haikou within the first four months of 2021. The total revenue reached almost 30 billion yuan.

The focus is on tourism, the modern service industry and the high-tech industry which are the three leading industries in Hainan. Other key fields such as agriculture, manufacturing and infrastructure are also on the radar.

Related article: Invest in Hainan – development and policies for Hainan duty free industry

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