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Stock Exchange Sees Hype Behind Hainan Horse-Racing Village

Luoniushan insists that its plan for the $4.56 billion project is feasible, though it admitted that it might be delayed due to funding problems. Photo: VCG
Luoniushan insists that its plan for the $4.56 billion project is feasible, though it admitted that it might be delayed due to funding problems. Photo: VCG

The Shenzhen Stock Exchange is questioning whether a Hainan-province-based company’s plan to create a “horse-racing village” on the island was speculation designed to pump up its share price after news of the project sent its stock soaring for a second straight day.

The company, Luoniushan Co. Ltd., which specializes in agricultural and animal husbandry, on Wednesday disputed concerns over the project’s feasibility, responding that its plan for the 29 billion yuan ($4.55 billion) project was viable, though it acknowledged that the project might be delayed due to insufficient funding.

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