THE WHAT? China’s Guangzhou has broken ground on a 10.22 sq km Beauty and Healthcare Industrial Park, according to a report published by the South China Morning Post.
THE DETAILS The city is hoping that the new facility will bring local players together, generating synergies and enabling them to better compete with the multinationals, per the South China Morning Post.
Some 12 local firms have pledged investment of CNY3.5 billion to set up factories at the site.
THE WHY? Chen Wande, Office Director of the Baiyun District Science, Industry, Commerce and Information Technology Bureau told the South China Morning Post, “The biggest challenge [for local players] is the lack of land. So the city and the district created the park by buying land from villagers.”