[photopress:Real_estate_Pudong.jpg,full,alignright]The Shanghai government intends to make Pudong into a global finance hub. (It can be argued this has already happened. Another way of putting it is the government is going to make it more so.) As a result Lujiazui’s central business district will add close to half of the floor space in the next five years.
Projects with another floor space of three million square meters will be added said Du Jiahao, Party secretary of Pudong New Area. The new floor space accounts for 50% of what was built in the area since 1990, when Lujiazui was first developed.
Zhang Xuebing, governor of the district, said that Shanghai World Financial Center construction is expected to be completed by the end of this year and to be open for business next year. Pudong is already home to 392 financial institutions with big name overseas players like Citi and HSBC. More than half of the country’s overseas banks’ assets are based in the area. About one third of overseas banks are set up in Pudong. Seven overseas banks have started operations as locally incorporated banks in Pudong. Another four overseas banks have gained approval to do the same.
The district will speed up the construction of commercial projects for catering, tourism and entertainment to improve diversity. More parking lots and apartments district officials said although no details were given. Added to that will be new Metro lines with extra stations to improve traffic flow.
Source: Shanghai Daily