News out of the Nanjing Economic and Trade Fair is that a batch of important business projects are headed for the Xinjiekou business area in Nanjing.

Among them, Accor will reportedly invest HK$90.23 million to build a budget hotel under the Ibis brand. This proposed hotel will have 8,000 square meters and will open by the end of next year as the first foreign-invested budget hotel in Nanjing.

As for those other business projects, the local government estimates that within five years they will finish the expansion plan to create Xinjiekou into a thriving business district.