District proves a magnet for investors from home and abroad

Minhang has become a magnet for investors as a number of companies signed to launch heavyweight projects in the district last month.

The projects include Webasto China headquarters, AVIC Aviation Simulation System Co Ltd, China Gas Holdings' thermal project Yangtze River Delta region headquarters and Deli Group Shanghai headquarters.

One of the latest newcomers is the cosmetics multinational Estee Lauder.

The company has started construction of its global research and development center in Minhang and expects it to begin operation next year, Fabrizio Freda, president and chief executive officer of Estee Lauder, revealed at the fourth China International Import Expo which was held last month in Shanghai.

China has always been one of our most important markets, and its importance is increasing day by day, said Freda.

The Minhang center will be the first comprehensive innovation center of Estee Lauder worldwide that integrates multiple functions such as research, conception, formula development, packaging, testing and evaluation.

The company started site selection for its R&D center in the first half of 2019. After several rounds of selection and comparison, Minhang won out.

It is the high-quality business environment of Minhang and the innovative atmosphere of high-end industrial agglomeration in the park that has attracted Estee Lauder, according to the company's officials.

The new center will be built in the Shanghai Business Park in Minhang's Hongqiao Town.

Likewise, Webasto Roof Systems (China) Co Ltd chose to locate the China headquarters and R&D center project in Minhang's Meilong Town. The plan was announced on November 12, the 20th anniversary of the world-famous supplier of automotive skylights and heating systems launching its business in China.

The new center is expected to generate up to 260 million yuan (US$40.85 million) in annual tax payments.

Jan Henning Mehlfeldt, president of Webasto Roof Systems (China) Co Ltd, praised Minhang as "a blessed place for enterprise development," adding that Webasto China's sales have leaped from 20 million yuan to 10 billion yuan in the past two decades.

Last year, the total annual sales of Webasto China exceeded 10 billion yuan, accounting for nearly 40 percent of the multinational's global turnover.

In the first nine months of the year, there were 31,152 new enterprises put into operation in Minhang, a year-on-year increase of 91.5 percent. The district reported 1.39 billion yuan in tax revenue.

Since September last year, agreements have been reached over 337 projects involving planned investment of more than 109 billion yuan.