Jade products on display at Beijing Arts and Crafts Jewelry Investment Management Company in Laijin Creative Industry Park. [Photo by Lyu Jie/China Daily]

A former textile factory in Beijing's Chaoyang district is taking on a new look and is set to become a hub for the capital's creative industries.

Covering an area of 120,000 square meters, Laijin Creative Industry Park is built on the site of the former Beijing Cotton No 2 Factory in Dingfuzhuang, Chaoyang district. It is one of the city’s key projects to renovate its industrial legacy.

The Chaoyang district government invited more than 40 journalists from home and abroad to visit the site late last month.

Four years ago, there were only a dozen companies in the industry park, but it is now home to about 170 companies, and the value of production there exceeds 20 billion yuan ($3.13 billion) a year, Chen Hongjie, a manager of the park, told the media group.

Many of the companies there are showing great potential, Chen said.

Beijing Arts and Crafts Jewelry Investment Management Company, for instance, is a big player in the jade products sector.

Also, Oriental Fashion Group, founded by famous TV host Li Jing, is a producer of entertainment TV programs and plans to expand into e-commerce and the fashion industry.