Jing'an inks nearly 20 deals as investors bet on 'building economy'

Editor's note:

Shanghai, a well-established destination for investment from home and abroad, is confident to ride the waves of a rising city to attract more quality investment with better policies and services.

As part of its plan to bring in investment, Shanghai's Jing'an District has signed contracts for almost 20 projects.

A weekend event to promote investment said that financial companies like Sumitomo Mitsui Fund Management Company, business groups like Vanessa Bruno, and innovative technology companies like Hager Electric will all expand their networks in the district.

Ti Gong

Because of its strong "building economy," in which business and commercial complexes are a big part of the economy, Jing'an has stayed the best entry point for many industrial leaders.

Tax revenues from 200 major buildings contributed nearly 76 percent of the district's total in the first half of this year, according to Jing'an's investment office.

Despite the two-month citywide lockdown earlier this year, tax revenues from 50 buildings have exceeded 100 million yuan (US$14.8 million), two more than the same period last year, according to Long Fang, director of the office.

Imaginechina

She noted that nearly half of them were located around the bustling Nanjing Road W., known as the local answer to the Champs Elysees and Fifth Avenue, emphasizing that rents in the area went up after the lockdown was lifted.

"High-end office buildings on Nanjing Road W. used to charge between 17 and 18 yuan per square meter per month. However, rents have gone up by 1 to 2 yuan," she said. "Nonetheless, it remains one of Shanghai's most desirable business districts. Some business leaders have even told me that they want to expand but can't find space here."

According to statistics, major buildings along Nanjing Road W. had a 96 percent occupancy rate in June, ranking first in the city's downtown areas.

"Jing'an's 'building economy' demonstrates strong resilience and vitality," said Han Yi, the office's deputy director.

Jing'an's advantageous location and international-friendly atmosphere, in particular, make it extremely appealing to talent, she added.