08/13/2012

Ancient villages welcome investors

An ancient village in Suzhou, Jiangsu province. Qi Zhenlin / for China Daily 0023ae6cf3691192854718
New regulations on the protection of ancient villages will allow more private capital to be invested in historically important sites in Suzhou, Jiangsu province which is home to the largest number of century-old villages in China.

According to the regulations, historical houses in these villages can be acquired from the original inhabitants by the government or State-owned enterprises and then turned over to private investors for either renovation or repurchase.

The regulations state that this system will better protect the houses and allow them to be turned into small enterprises, such as tourist attractions, to raise money for their continual upkeep.

With more than 17 nationally and provincially authorized "ancient villages", Suzhou was, in 2005, one of the first cities in China to open the door to private capital to protect its historical sites. The city government said private investment can make up any financial shortfall to help preserve the ancient villages.

A total of 150 million yuan ($23.5 million) has been spent by the local government on renovation and infrastructure works to preserve the ancient villages over the past seven years.

Read more at China Daily

 

 
Aug 13, 2012 3:57:23 AM | Economy, History

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