HAIKOU /China/, November 30. /The first launch of the Xingyun-1 (XY-1) reusable launch vehicle developed in China is to take place in the southern Chinese province of Hainan in 2024, the Nanguo Metropolis Daily reported.

According to the newspaper, the launch is planned to take place from a site for commercial launches in the city of Wenchang which is currently under construction. The erection of this facility has already entered the final stage. Installation of equipment should be completed by the end of this year, and commissioning of the site is scheduled for 2024.

This will be China's first spaceport for commercial launches. The total investment in this project amounted to about 4 billion yuan (about $563 million). After commissioning, the site will be used for commercial launches not only for Chinese customers but also for foreign customers.