The city is a political project – an ideal city according to Xi Jiping’s political ideology. So far, Xiongan has cost the equivalent of SEK 1,000 billion.
But there has been no rush to the city so far. Today, 1.3 million people live in Xiongan. When it is ready in 2035, the plan is for the city to be home to 5.3 million people.
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Not just anyone can buy an apartment
Xiongan does not have a free real estate market – which is said to be at the heart of the record-breaking growth of megacities such as Shanghai and Shenzhen. Instead, you must apply and get permission to buy an apartment.
– If everyone was allowed to buy property here, including all wealthy people, then property prices would rise, and if you look at those who are going to buy housing to live in, it would cause them problems. And therefore we just want those who work here to be able to buy a home, says Ren Dazhi.
Goes against the model
According to international economists, China should invest in changing the economic model by focusing mainly on domestic consumption and away from large government investments. But President Xi is doing just the opposite. The Chinese economy is now instead investing heavily in advanced technological manufacturing.