The flow of investment into Shanghai during 2002 from the cities of Wenzhou and Ningbo in Zhejiang province is expected to be around Yn10bn, according to a study conducted by the Shanghai Academy of Social Sciences. Recent investments include a highest bid of Yn3.2bn from a Wenzhou contractor for a highway project to link Shanghai and Ningbo, and the purchase by a Wenzhou developer of 58 luxury residential premises for Yn10,000 per sq metre.
In addition, nearly one-tenth of Shanghai's bank deposits are believed to be held by Wenzhou interests. The funds come mainly from personal savings, generated by the success of private enterprises in the cities and amounting to Yn700bn in Wenzhou and Yn100m in Ningbo.