Office move sparks FTZ expansion speculation
Print Edition
The management committee of the Shanghai pilot free trade zone is moving its office to the Lingang area in March, the city government said yesterday.
The relocation out of the zone is to make room for business expansion in the Waigaoqiao area while helping to boost Lingang’s development, officials said.
Also making the move will be the customs, inspection and quarantine bureau and the tax bureau.
The 29-square-kilometer pilot zone has witnessed an influx of new companies after a registration system was introduced to help businesses set up there, driving up demand for office space.
Some rents have more than tripled since the zone was officially launched in late September, according to real estate services firm CBRE, with average office rents at 4.2 yuan (69 US cents) per square meter per day in October, up from 2.1 yuan in August.
By the end of last year, the zone had attracted 3,633 new enterprises.
Authorities said it was hoped the office moves would promote development in the Lingang area, which consists of Lingang New City and neighboring industrial manufacturing and logistics zones.
Property prices in Lingang soared following the establishment of the free trade zone, with the price of some apartments in the area surging more than 20 percent.
Although not part of the zone, Lingang is next to Yangshan Deep-Water Port.
The office moves triggered speculation that the zone would be expanded to include Lingang, which covers more than 315 square kilometers.
The city government has introduced preferential measures in the area, including fiscal support to lower land costs and simplified administrative approval for easier entry-exit for Lingang-based Chinese and expats. The aim is to turn Lingang into Shanghai’s future growth engine boasting strategic industries such as advanced equipment making and logistics.
Metro Line 16 was put into operation last month to link Lingang with central Shanghai.
The booming harbor town on Shanghai’s southeast coast is expected to attract 100 billion yuan in fixed-asset investment by 2016, according to the city government.
It is already home to Shanghai Electric, Sany Heavy Industry, Siemens and Maersk.
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