Shanghai will be a global financial center and with that title comes its tallest financial hub landmark building, which is still under construction. Now it has secured a needed loan of RMB10 billion ($1.46 billion).
Shanghai Tower Construction and Development, the developer of Shanghai Tower, which will be a 632-meter high skyscraper, has signed syndicated loan deals with eight major banks to secure capital for the building’s future development. The construction company also signed deals with the banks to get specialized financial services and rental agreements.
Bank of Communications Chairman Hu Huaibang summed it up when he said, "The Shanghai Tower will be a landmark in Shanghai’s financial hub. Our bank will gear up our business in the city with Shanghai’s rising as a global financial center."
The 121-floor Shanghai Tower, which will comprise offices, retail space, a super-five-star hotel and cultural facilities, will be part of a triangle of super-tall buildings in the Lujiazui Area, Shanghai’s financial hub.
Shanghai Daily reported the financial area is already home to the World Financial Center, now the world’s second-tallest building with a height of 492 meters. Its neighbor, the Jin Mao Tower, rises 420.5 meters above the Shanghai skyline. The new building is 632 meters so considerably taller. It is scheduled to open partially in 2012.