Twenty-eight companies signed agreements Friday to open offices in the core zone of the Shanghai Hongqiao Central Business District (CBD), aiming to seize opportunities in the rapidly developing Yangtze River Delta region.
The 28 companies, including Chinese fashion e-retailer Vipshop Holdings and German company KSPG, will occupy 155,000-square-meter office areas and bring 11.7 billion yuan ($1.79 billion) in capital to the zone.
"Hongqiao CBD development is a key strategic decision made by the Shanghai government to promote the city's business upgrade and transformation," said Min Shilin, executive deputy director of the Shanghai Hongqiao CBD Administrative Committee. "Today's signing ceremony marks the zone's development enters a new era."
Among the 28 companies, 13 plan to move their headquarters into the core zone, according to Min.
"We will set up a sub-headquarters mainly for the online financial service sector in the Hongqiao CBD to support Internet industry," said Yang Donghao, chief executive officer of Vipshop.
Over 600 companies have decided to move into the core zone, including Roche and Grundfos, Min said.
The Hongqiao CBD, situated in the western part of Shanghai, covers 86.6 square kilometers. It has a 27-square-kilometer main function area and a 59-square-kilometer expansion area. Its core zone covers 4.7-square-kilometers and will focus on developing a headquarters economy and high-end business.
Travel time on foot from Hongqiao CBD to Hongqiao High-speed Railway Station and Hongqiao Airport ranges between 7 and 15 minutes, which facilitates business people's inter-city travel.
The zone will accelerate core zone construction and develop more facilities that support business in 2016.
Min revealed that the city's first tour route and demonstration area, with a fusion of business, tourism and culture, will be launched in May, which will let visitors see Hongqiao CBD's characteristic development.
