Two listed enterprises from Hong Kong, Pico Far East Holdings Limited Co. and Longyuan Construction Group, recently announced that they have been selected to be the first bidding candidates of public-private partnership (PPP) for Jinjiang International Exhibition Center construction project.

This marks the beginning of the mutually substantial stage of the long-planned Jinjiang International Exhibition Center construction project, whose total investment will reach 971.4 million yuan ($153.3 million).

Conceptual view of Jinjiang International Exhibition Center.

Jinjiang International Exhibition Center is a great strategy policy decision for accelerating Jinjiang's downtown area moving westward. It is expected to be the new engine to promote local economic development and become the "city card", the landmark project of Jinjiang.

According to Pico Far East Holdings Limited Co., the contract includes that the two enterprises will undertake the construction, financing and management services for Jinjiang International Exhibition Center. It is the first PPP project for domestic enterprises.

Expected to be completed before the end of 2017, Jinjiang International Exhibition will cover an area of 125,000 square meters, with building area of 82,500 square meters and height 18 meters. After the construction, the venue will have a total exhibition space of 50,000 square meters.

By far, local government is making the final amendments for a 12-year PPP contract with Pico Far East Holdings Limited Co. and Longyuan Construction Group. The joint ventures for the project will hopefully be set up in this December.