Development of Jinbao Street, the largest period house renovation project in Beijing, will be in line with the principles of concentrating on establishing an internationalized business area and protecting the precious cultural relics.

Covering 22.33 hectares in the capital city's central area and neighboring Wangfujing, the world renowned commercial area with over 100 years of history, the combined investment for the Jinbao Street is to be 10 billion yuan (US.2 billion), according to Wang Shouyuan, chairman of Beijing Fu Wah Yong Li Real Estate Development Co Ltd, developer of the project.

So far, 4 billion yuan (US$482 million) has been pooled into the resident resettlement, infrastructure renovation, main business building construction, a Siheyuan (Beijing traditional quadrangle) bloc development, and the protection of former residence of Cai Yuanpei, a famous modern educator of China.

Jinbao Plaza, the symbolic building of the street, accompanies with the Regent Beijing Hotel - a super five-star hotel - and the Park Plaza Beijing Hotel to build up a modern business complex.

The Siheyuan bloc with its rich old Beijing atmosphere will be used as high-class hotels and clubs.

"Protection of the Cai Yuanpei former residence alone costs us more than 10 million yuan (US$1.2 million), but it is worthwhile," said Wang.

Ju Junsheng, president of the Beijing History Research Association, pointed out that Beijing badly needs to preserve its historic relics for its sustainable and healthy development.

"Beijing is an old city with a long history. To protect its historic treasury and, at the same time, build it into an international metropolis is a prerequisite for improving and enhancing its image in the world," said Ju.

To realize the target, the municipal government offers specific policies for the Jinbao Street project.

The developer is responsible for the residents' resettlement, infrastructure facility and buildings construction, while the government offers priority for the developer on land use, advertising promotion along the street and streamlined administrative procedures.

(China Daily March 14, 2005)