July 2 (NBD) -- China Southern Airlines Co Ltd (600029.SH) said Saturday it will set up a wholly-owned subsidiary in Xiongan New Area, a new economic zone about 100 kilometers southwest of Beijing.

Of the planned investment of 10 billion yuan (1.5 billion U.S. dollars) in total, 2.5 billion yuan (377.9 million U.S. dollars) will be given in cash while the rest 7.5 billion yuan (1.1 billion U.S. dollars) will be offered in kind.  

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