Lujiazui's 'vertical streets' swell Shanghai's coffers
( chinadaily.com.cn )
Shanghai's Lujiazui Financial City is home to a total of 249 commercial buildings. Many of its buildings house the headquarters of dozens of high-profile companies. [Photo/WeChat account: lujiazuijrc]
Shanghai's Lujiazui Financial City has developed into a hub of high-end commercial buildings, authorities said at a meeting on July 31.
Lujiazui is home to a total of 249 commercial buildings, 93 of which produce more than 100 million yuan ($14.8 million) per year in tax revenue, according to government statistics.
The buildings' high tax contributions are due to the fact that many of them are exclusive high-rises housing offices and headquarters for dozens, sometimes hundreds, of high-profile companies.
Some of the area's looming towers are so huge and contain so many offices that they have been nicknamed "vertical finance streets".
Shanghai International Finance Center (SIFC), for example, is home to around 100 leading financial institutions including HSBC Bank, Deutsche Bank, HuaAn Funds, and Fullgoal Fund Management Co.
SIFC has embraced its status as a self-contained community. It often organizes activities such as soccer and basketball matches between its tenants, as the building owners believe that it helps create a better environment that makes it more attractive to potential clients.
More than 800 licensed financial institutions are currently based in Lujiazui, including banks, securities and insurance firms, and more than 300 company headquarters are also located in the area.
Lujiazui has ambitions to turn its commercial buildings into an even bigger driver of economic growth, bringing in even more high-profile and innovative companies.
Local officials presented the Lujiazui Financial City Buildings Treaty during the meeting on July 31, a new set of guidelines designed to help the area's commercial buildings become even more competitive.
Fifty-five of Lujiazui's commercial buildings signed up to the treaty, which strengthens supervision on companies moving into buildings to reduce financial risks. It is also expected to promote the development of local commercial buildings, give companies more business opportunities, and contribute to regional economic growth.