mojeNovosti.com
The online edition of Caijing magazine put the cost at 30.2 billion yuan. It did not say how it would be funded.
With nine runways, the new airport will handle more than 130 million passengers and 5.5 million tonnes of cargo annually, China Radio International said.
The airport, yet to be named, will cover an area of 2,680 hectares (6,620 acres), the online edition of Beijing Youth Daily said, quoting an unidentified airline executive.
Located in Daxing, 46 km (28 miles) south of Tiananmen Square, Beijing's political centre, construction is due to be completed in October 2017.
Beijing's two existing airports have reached their maximum handling capacities.
(Reporting by Benjamin Kang Lim)
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