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January 14, 2020

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Local media group to set up facilities in Lingang

Shanghai’s 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’s 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 “highland” and “demonstration area” 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’s new plant in China.

For Oriental Pearl, it’s 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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