China is investing 9-digit amounts into the esports industry
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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.