World Bulletin / News Desk
Business owner Hu Weibing weeps at the prospect of losing everything, including his home, after China's surprise announcement to transform a rural spot outside Beijing into a modern metropolis nearly three times the size of New York City.
The planned Xiongan New Area currently measures 2,000 square kilometres (772 square miles) and has less than one percent of Beijing's economic output, but last weekend’s announcement sparked a real estate speculation frenzy as out-of-town home buyers from across the country descended on the previously unknown area.
"It’s certainly good for Hebei and the regional economy, but it’s a disaster for mid- and small-sized business like ours," said Hu, staring at the bare concrete walls of the four-storey dream home he began building last year but will never be able to finish.
Though authorities have not yet told him what is next, he is bracing for things to progress in the fashion that has become typical for government mega-projects: forced relocation and modest monetary compensation.
The changes will scatter his 40 local employees, each painstakingly trained for two years to produce the winter jackets that Hu’s Yuhua Clothing Manufacturing sells to clients in Moscow.
And land prices elsewhere are guaranteed to be out of his reach.
"To build another factory or another villa like ours will be impossible. It's a terrible shame," he said quietly, unable to stop tears sliding down his face after devoting decades of his life to the business.
"There will be no way to ever compensate us, but this is a huge national issue, so whatever comes we must support it."
Expected strong economic expansion across the world will also underpin industrial and construction fuel demand, the cartel said.
BIST 100 index goes up 0.21 pct, US dollar/Turkish lira stands at 3.83 while euro/Turkish lira rate rises to 4.51
Consumer Prices Index yearly rate at 3.1 percent in November, Office for National Statistics says
International Peace Research Institute says sales by Turkish companies rose in 2016, growing 27.6 pct
Economists predict current account deficit ahead of Monday's expected announcement
Economists predict growth of 9.2 pct for the third quarter of 2017 in Turkey
BIST 100 index up 0.35 pct while US dollar/Turkish lira and euro/Turkish lira rates stand at 3.87 and 4.55, respectively
Industrial output in October increases by 7.3 pct year-on-year, official data show
It struck a new high of $15,242.99 around 1030 GMT, according to Bloomberg News.
The IMF report comes a day after regulators in Beijing drafted new rules to strengthen bank funding, and follows a number of alerts about a ballooning debt problem in the world's number-two economy.
It touched a new high of $14,485 before slipping back to $14,398 in Asian afternoon trade, according to Bloomberg News.
BIST 100 index starts day up 0.64 percent; USD/TRY rate falls to around 3.86
BIST 100 index drops 0.20 pct to open at 103,350.58 pts; U.S. dollar/Turkish lira exchange rate goes up to 3.94
November's annual rate up from 11.90 percent in October, according to official data
Investors’ attention to be dominated by November inflation statistics