Local media group to set up facilities in Lingang
Shanghai鈥檚 biggest new media group is among several firms investing 20 billion yuan (US$2.85 billion) to set up facilities in the Lingang Special Area, part of the city鈥檚 free trade zone, the companies said yesterday.
Oriental Pearl, the new media subsidiary of SMG, the Shanghai Media Group, said it will be investing heavily to build an integrated industrial base covering culture, tourism as well as film and television industry. It will become a 鈥渉ighland鈥 and 鈥渄emonstration area鈥 for culture and tourism in the Yangtze River Delta, Oriental Pearl said.
Several other firms signed with the Lingang Special Area on new projects.
The Lingang Special Area has plans to become a new smart town of openness and innovation, intelligence and ecology, industry and city integration.
Many projects covering artificial intelligence and new energy car have located in Lingang, such as Tesla鈥檚 new plant in China.
For Oriental Pearl, it鈥檚 the latest move for the media giant to diversify business beyond traditional media services, such as integration among culture, tourism and the real property business.
Shares in Shanghai-listed Oriental Pearl closed 10.31 yuan and 1.58 percent higher yesterday.
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