China is investing 9-digit amounts into the esports industry

The Sanya city’s municipal government has announced that Chinese sports development companies, Sanya Youth City and Sealing  Sports Culture Development will be receiving an investment of $682,000,000.

According to hinews.cn, the project will rely on the recently announced special development Hainan’s fund worth over $145,000,000 designed to attract tourism and business activities.

The planned 742,500 square meter land area of Sanya International Esports Theme Park is going to include 10,500 apartments with a capacity of 40,000 people. The goal of the project is to build a multifunctional residential and commercial area, which will be the first of the esports and entertainment networks.

The fund is a part of city’s sports industry development roadmap, which includes a special subsidy of $14,000,000 for esports events, the Thousand Talents programme, which provides scholarships to athletes, simplifies and accelerates the procedure for obtaining permits from local authorities to hold esports events.

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