China Eximbank provides a $195 million loan for the Hualing International Special Economic Zone Project (Linked to Project ID#42913)

In the first half of 2014, the Xinjiang Branch of the Export-Import Bank of China provided a $195 million loan to Xinjiang Hualing Industry & Trade (Group) Co., Ltd (also known as the Hualing Group) — a private Chinese enterprise — for the Hualing International Special Economic Zone Project. This project involved the construction of an international special economic zone 420 hectares in size in the eastern and central part of Tbilisi, near the coast. This was largest investment project by the Hualing Group in Georgia. Construction was aimed around building a modern commercial and trade city. The project used phased and rolling development method. Construction included market areas and market supporting facilities, a service area, a supporting entertainment area, storage facilities, residential units, streets for pedestrians, a shopping mall with department stores, a theme park, and a business hotel. The project was focused on the regional economic development and the future growth of the city. It also included the construction of the 13th European Youth Olympic Village in 2015. The special economic zone had a total construction area of 4 million square meters, of which 2 million square meters were for residential construction, such as townhouses, single-family villas, high-rise apartments, and the other 2 million were for commercial and municipal supporting areas, such as shopping centers, fitness centers, schools, post offices, hospitals, police stations, and fire stations. The first phase had a total investment of $300 million, including $120 million for market areas, $93 million for market-supporting service areas, $77 million for market-supporting entertainment areas, and $10 million for other engineering costs. It was supported by a $105 million equity investment (captured via Project ID#42913), and a $195 million loan from China Eximbank (captured via Project ID#67734). The Hualing Group was responsible for project implementation. Construction officially began on July 7, 2012.

Additional details

1. This project is also known as the Tbilisi Hualing International Special Economic Zone Project. The Chinese title for the project is 华凌国际经济特区.

Number of official sources

10

Number of total sources

17