$1.52b earmarked for hi-tech stadiums

The sports offshoot of China's e-commerce giant Alibaba Group Holding Ltd said it will invest 10 billion yuan ($1.52 billion) with partners to turn the country's traditional sports venues into internet-enabled smart stadiums.

AliSports said on Wednesday that it will offer tailor-made solutions to help Chinese cities upgrade their stadiums so that the venues can max up in their usage and operate in a more effective way.

Zhang Dazhong, chief executive officer of the Shanghai-based AliSports, said the company will set up a foundation dedicated to improving sports infrastructure throughout the country.