Under the cooperation intention reached by the CPC Dongcheng District Committee, Dongcheng District Government and Beijing State-owned Assets Management Co., Ltd. (BSAM), BSAM and Dongcheng District Oriental Culture Co., Ltd. will establish a joint venture “New Longfu Cultural Investment Co., Ltd.” (hereinafter referred to as “New Longfu Company”) to specifically take responsibility for project initiation, planning, investment, construction and operation of Longfu Temple Zone Reconstruction Project. New Longfu Company has registered capital of 100 million yuan, in which BSAM holds a stake of 70% as controlling shareholder, and plays a leading role in Longfu Temple Zone Reconstruction Project.

New Longfu Company is committed to promoting the revival of Longfu Temple Zone, maintaining ancient capital style of Beijing and rewriting brilliant chapters of Longfu Temple, fully integrating cultural context of Chaobu Street and commercial context of Wangfujing, and organically combining the current cultural and commercial elements of National Art Museum of China, Capital Theatre, Sanlian Bookstore, Empark Hotels and Resorts and the like. Longfu Temple Zone will be upgraded and take a new look to be a cultural CBD with cultural artwork trade, book culture communication, inheritance of intangible cultural heritage, film, television and drama performance, creative art business experience and other cultural and creative formats as the pillars. In Longfu Temple Zone, high culture will hold the spotlight, characteristic businesses will gather together, modernism and traditionalism will blend, and a window for understanding cultural charm of Beijing as “World City” will be opened.

Longfu Temple Zone Reconstruction Project is expected to finish Phase I Reconstruction within the next 3-5 years, which will provide cultural and commercial exchange and showcase platform for enterprises engaged in culture, artwork, publication, film and television and creativity, push forward “microcirculation” remodeling of quadrangle courtyard area in Phase II, and basically achieve the goal of reinvigorating Longfu Temple Zone. In the future, New Longfu Company will set foothold on Longfu Temple Zone Reconstruction Project, continue to explore for advancing the inner city reconstruction project in Beijing, and contribute to protection and development of styles and features of this time-honored capital.