Exclusive | Hainan spends US$717 million on Formula E race circuit to give China’s electric-car industry a jolt
- Lianxin International, which has hosted Formula E races in China since 2014, will build an EV-themed entertainment compound in Sanya city
- The venue will include a theme park, space for racing events and exhibition facilities for carmakers to showcase their vehicles
Hainan Province, known as China’s Hawaii, is establishing a 5 billion yuan (US$717 million) entertainment venue dedicated to electric cars, which aims to host global sports events such as the Formula E World Championship while also helping carmakers showcase their products and their role in China’s decarbonisation efforts.
The project, to be located in Sanya city, is likely to begin some operations as soon 2025, according to Lianxin International, the Shenzhen-based conglomerate running the project.
Lianxin has presented all of Formula E’s races in China, including the first event in Beijing in 2014, four events in Hong Kong, and the most recent race, in Sanya in March 2019.
The company is in discussions to introduce other events, such as the E1 World Electric Powerboat Series and races of the International Motorcycling Federation, to the island, its chairman Yin Xiaoming said in an interview.
“Hainan will definitely become an influential place for the Greater China region, even globally, in hosting international competitions and sports events,” he said. “It has unique strengths such as rich tourism resources and convenience brought by its free-trade port status, such as the exemption of visas or tariffs.”
