Guangzhou's Liwan District government is expecting investors fromHong Kongto play a bigger part in reconstructing its Enning Road, a traditional business street in the district.
"In addition to financial support, Hong Kong investors' expertise and experience in rebuilding old city centers and protecting historical relics will help upgrade Enning Road into a new business center, with features and characteristics of the southern Chinese region remaining intact," according to Lan Xiaohuan, deputy head of Liwan District.
Enning Road has many restaurants, specially preserved aquatic product markets, jade stores, boutiques as well as historical relics.
But the old commercial street needs to be reconstructed in keeping with the rapid economic growth and for it to regain its past glory.
Lan proposed the reconstruction project to overseas investors during an investment and trade fair organized by Liwan District authorities in Hong Kong yesterday.
"Many buildings in Hong Kong's old downtown areas look like Guangzhou's, particularly the houses in Liwan. Hong Kong's successful reconstruction of old city centers would certainly benefit Liwan's reconstruction of old business centers," Lan said.
Reconstruction of Enning Road, expected to be completed in five years, is just one of the many projects Hong Kong investors are being sought for in Liwan.
The Guangzhou city government plans bolder steps to attract overseas financial and technological support to reconstruct its old city centers.
"And Liwan, in particular, expects to be able to lure foreign investors to join forces in reconstructing the district's 'urban villages' and revitalize the many uncompleted buildings."
The Liwan District government will also seek foreign financial support to reconstruct Qingping Road and the Baoshasheng area in the coming months.
Detailed plans are being drafted to attract overseas investment, Lan said.