Yongping community in Guangzhou's Baiyun district hosts an investment promotion conference for its automobile headquarters industry on Aug 20. [Photo by Tan Zhafeng/WeChat account: gz_baiyunfabu]

The Yongping community in Guangzhou's Baiyun district held an investment promotion conference for its automobile headquarters industry on Aug 20. 

At the conference, 10 companies including Guangdong Dongsheng Group, Guangzhou Shuncheng Investment and Guangzhou Gucheng Group, signed agreements to invest about 11.2 billion yuan ($1.6 billion) in Baiyun's automobile headquarters key industrial projects. 

Once operational, these projects' annual revenue is expected to exceed 28 billion yuan after completion, creating a high-value hub for Baiyun's automobile headquarters economy.

In addition, a group of strong technological companies with a driving force and promising development prospects, signed on-site contracts to settle in Yongping community.

Xu Xiaoping, deputy head of Yongping community office, said that Yongping enjoys an excellent automobile industrial foundation. "Yongping's total automobile sales were nearly 10 billion yuan in 2021, and in the first half of 2022, its sales have already reached 4.26 billion yuan. Yongping's GDP hit 4.28 billion yuan in the January-June period of 2022 with a year-on-year growth of 4.7 percent," Xu added.