HONGKOU District yesterday unveiled a new financial hub in the North Bund area where former old residential communities are being transformed into upmarket office buildings and apartments for professionals.
The North Bund Financial Hub on the opposite of the Lujiazui financial area will cover one square kilometer near Suzhou Creek. It aims to become one of Shanghai’s three major financial hubs by 2020 following the Bund area in Huangpu District and Lujiazui in Pudong, the district government said.
Apart from office buildings to house financial enterprises, a “talents’ community” has been planned at the former residential neighborhoods. Old residential buildings are being demolished.
Construction has started on community and entertainment facilities, an official with the district government said.
“The area near the Sichuan Road N. will become a high-end residential community for financial professionals to work, live and take part in all kinds of recreational activities,” the official said.
Subsidies and preferential policies on housing and children’s education will be offered to attract financial companies and professionals from both home and abroad, the district government announced.
Currently, some 1,200 financial companies have been based in Hongkou that manage assets totaling more than 3 trillion yuan (US$434.7 billion).
The taxes from these financial companies account for a fifth of Hongkou’s total tax revenues, according to the district government.