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April 19, 2018

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Home » Business » Finance

Huangpu sweetens regional HQ policies

By Yang Jian | 00:01 UTC+8 April 19, 2018 | Print Edition

SHANGHAI’S Huangpu District launches preferential policies including generous subsidies to encourage foreign businesses to set up regional headquarters there.

Foreign companies, especially trading firms and research and development centers from abroad, who set up offices in the downtown district can receive subsidies for housing and other expenses, the district government said yesterday.

The district government yesterday chose five foreign firms, which set up regional bases in Huangpu, to be part of the scheme. They include popular clothing brands H&M from Sweden and Puma from Germany as well as French cosmetics giant Sephora.

These companies can receive 300,000 yuan (US$47,758) in subsidies for each franchise they open across China.

To enhance the attractiveness of the district, Huangpu also promised to offer simplified administrative procedures and set up efficient one-stop services to cater to the foreign companies.

Huangpu aims to revive its former glory as the birthplace of China’s early industries and main focal point of foreign investments, said Gao Yun, Party secretary and director of the district. Foreign banks and companies once set up offices on the Bund and in other areas within the district in the early 19th century.

Huangpu has drawn 2,500 foreign companies which invested US$20 billion in the district. Forty-two multinational firms have set up regional headquarters in Huangpu, the district government said.

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