EPS Global Zrt. has successfully completed the acquisition of its new project in China. Now, the smart parking system developed by Hungary can be implemented in three Chinese cities via a joint Sino-Hungarian cooperation.
The goal is to build and operate the smart parking system of Zhangjiakou City for 30 years. Zhangjiakou borders Beijing and has a population of 4.65 million. It will also be one of the most important venues for the next Winter Olympics, where ski and snowboard competitions are planned to take place.
The parking project is set to integrate 25,000 public (street) parking spaces in the city center and the parking capacity of all public areas outside the city center, such as underground garages, into a smart system.
As a result, the smart system will have data on all parking spaces, so drivers can see free spaces on the mobile app and on smart traffic signs. In addition to many other features, the mobile app will also provide navigation services. Parking fees and any outstanding debts will be settled electronically, and drivers will be notified if they forget to stop the electronic “parking meter” on a given spot. The system also provides full transparency to the municipality and lets it see parking data online in real time, as well as store and visualize the data.
Yet another investment from the EXIM Export Promotion Private Equity Fund will play an important role in the project: Data, such as available parking spaces, will be provided by Asura Technologies Kft’s live camera solution.
The investment in Zhangjiakou is EPS’ third joint venture with ZTE’s telecommunications infrastructure development subsidiary, ZTE ITS. The consortium between EPS and ZTE ITS has also entered into a strategic partnership with China Communications Construction Company (CCCC).
The cost of the entire project in Zhangjiakou is HUF 9 billion, 90 percent of which is being financed by CCCC. However, the joint holding company, in which EPS is a majority-owner and ZTE ITS is a minority owner, will hold a controlling majority (51 percent) of the project company.