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China Development Bank subsidiary, Honeywell to develop green, smart towns

Xinhua, October 20, 2016 Adjust font size:

The equity investment subsidiary with China Development Bank (CDB), the world's largest development-oriented financing institution, partnered with tech giant Honeywell on Thursday to develop green, smart towns in China.

A memorandum of understanding (MOU) on pilot sustainable urbanization projects was signed by CDB Capital and Honeywell on the sidelines of the ongoing third CEO Council for Sustainable Urbanization, a Chinese-U.S. initiative to promote sustainable urbanization.

According to the MOU, Honeywell will work as CDB Capital's technology partner and offer green and smart solutions and products to selected pilot projects such as the Green Dragon Lake project in Beijing, Sumin Village in the southern city of Haikou.

The pilot projects aim to turn suburbs, villages and towns into tourism destinations with healthcare centers and working spaces to attract more urban residents to settle or visit, as the projects will upgrade local industries and improve local incomes, according to Zuo Kun, vice president with CDB Capital.

China's rising middle class have shown an increasing appetite for domestic suburb and village travel destinations, however, the infrastructure in these places is far from" green, smart and comfortable," Zuo pointed out.

"We would offer a range of smart city solutions that can be widely applied to buildings, transportation, health care and homes to improve energy efficiency, security, productivity, comfort,and reduce the consumption of resources and environmental impact," said Stephen Shang, Honeywell China president and CEO.

There will likely be more Sino-American cooperation in the future to establish best practices and models that could be rolled-out elsewhere such as countries along the Belt and Road network, Shang added.

Honeywell has provided customized smart system solutions to more than 5,000 commercial buildings and industrial estates across China over the past decade.

China's urbanization rate stood at 56.1 percent by the end of 2015 and aims to grow to about 60 percent by the end of 2020. The government is pursuing an urbanization model that is green and sustainable, and integrates the agriculture, industry and service sectors. Endi