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September 17, 2021

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North Bund plans city’s first asset park

By Yang Jian | 00:15 UTC+8 September 17, 2021 | Print Edition

Shanghai’s North Bund in Hongkou District plans to build the city’s first asset management park to further attract financial companies from both home and abroad.

The waterfront hopes to become a “global wealth management highland,” on a par with the Bund and the Lujiazui financial hubs on the opposite of Huangpu River, the district government said yesterday.

The Shanghai Asset Management Park is expected to attract leading global financial firms to the North Bund, already home to a large swathe of financial enterprises in the Shanghai Hedge Fund Park and Shanghai Fintech Park.

A total of 1,895 financial companies are based in Hongkou, with 7 trillion yuan (US$1.08 trillion) of assets under management, including one-eighth of China’s mutual funds, the district government said.

The tax revenue of the financial sector in Hongkou increased 64 percent between January and June, making it a pillar industry of the downtown district.

According to the blueprint for North Bund development, Hongkou aims to become the core region for Shanghai’s ambition to become a global asset management center.

Leading Qualified Foreign Limited Partners and Qualified Domestic Limited Partner financial firms such as the US CBRE Group, Invesco and the Swiss Union Bancaire Privee are based in Hongkou.

By 2025, Hongkou will have a large number of asset management companies with full ecological systems and open asset management centers.

The district plans to attract bank financial management, insurance asset management, financial asset investment and other institutions and their subsidiaries, along with securities, funds, trusts, private banks, family trusts, fund sales and other institutions.

The government will offer subsidies and incentives to financial sector companies and professionals.

The senior managers of companies, for example, will receive housing subsidies to help them settle in Hongkou. They will also be availed of green channels for applications for visa, work and residence permits and talent apartments.

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