Shares of Tianjin-based companies surged today on the Shanghai exchange after a report that the city may spend 200 billion yuan ($30 billion) to build a financial district.
Tianjin Quanye Bazaar (Group) Co., which operates department stores, jumped by the 10 percent daily limit to 5.90 yuan as of 9:46 a.m. local time. Dingsheng Tiangong Construction Machinery Co. climbed by the limit to 10.89 yuan as Tianjin Hi- Tech Development Co. rose 9.7 percent to 5.56 yuan.
Tianjin plans to build a financial district in the Binhai New Area over 10 years, the China News Agency reported on its website, citing a draft of plan.
