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Hangzhou to invest US$439m in building China's Silicon Valley
By Sam Riley |
August 7, 2009, Friday
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Print Edition
Print Edition
THE developers of China's version of Silicon Valley are looking to attract some of the world's biggest technology companies and burgeoning talents, according to an American Chamber of Commerce briefing late last week.
After attracting several key big companies to the Xixi Sci-tech Island in Yuhang District of Hangzhou, the Hangzhou municipal government is pumping 3 billion yuan (US$439 million) a year over the next three years into the project and offering attractive terms to foreign and local companies who relocate there.
Located in the west of Hangzhou and less than five kilometers from the famous West Lake, the 98.9-square-kilometer area will contain office, scientific research, higher education, retail, residential and tourism facilities.
Shen Wennan, assistant district chief and director of the Yuhang District Government, told an AmCham round-table discussion in Shanghai that the Hangzhou government wanted to produce a "high-tech incubator center" where new cutting-edge technologies in a range of industries could be produced.
"We are not only interested in providing seed capital but also finding and investing in start-ups we believe can gain traction in their particular industry and can show potential either in China or in the international marketplace," Shen says.
The Hangzhou government has already attracted some key tenants including online B2B trading giant Alibaba and Zhejiang University, who are constructing a major campus at the development.
Alibaba plans to begin construction in the fourth quarter of this year on more than 20 buildings and international headquarters.
Zhejiang University will build the province's biggest hospital that will provide medical services for the development.
Meanwhile, construction of Hangzhou Normal University campus has begun.
Other tertiary institutions are also slated for the park, providing a ready talent pool for technology companies.
Wal-Mart will open a major retail outlet in the development's 170,000-square-meter shopping mall set to open in 2011.
The Hangzhou government is projecting that Xixi could cater for some 500,000 to 600,000 people and provide major infrastructure, with three Metro lines set to link the island with downtown Hangzhou.
The high-speed railway between Hangzhou and Shanghai is also predicted to be finished by 2011.
Complementing these public transport links, there will also be a ferry service through Hangzhou's waterways.
The government wants to attract software, information service and innovation industries as well as light electronic and information manufacturing companies involved in areas such as robotics and mobile communications.
Other companies that Xixi could foster include a range of service industries, higher education and scientific research, biopharmacy, communications and environmental protection firms.
The AmCham round-table discussion attracted industries interested in Xixi, including architecture and engineering firms, real estate developers, retailers and specialized project management companies.
It is estimated that approximately 80 percent of the site is still open for development and the Hangzhou government is offering an attractive incentive package for potential investors.
This includes reduced land prices, personal income tax relief and a tax abatement period as well as living stipends and residency assistance for executives.
Shen says residential areas already sold had averaged 30,000 yuan per square meter but that land prices, particularly for major commercial developments, were in the control of the government.
"For research and development office land, we will be trying our best to provide a low price to attract more companies," she says.
"I think after three years, land prices will not be high at this level."
Government support also includes a fast-tracked licensing process, basic legal assistance and a registration support team.
The Zhejiang government announced the decision to develop Yuhang District as the Xixi Sci-tech Island in 2008 and Shen says planning control was put under the auspices of an administrative committee for Yuhang District.
Shen says the committee has shelved some manufacturing projects initially planned for the area because they were not in keeping with the development and ecological guidelines outlined in the master plan.
There are several green corridors in the development, and the master plan includes a 739.5-square-meter "ecological belt" at the Jingshan north/south lake.
The development also includes the 10.8-square-kilometer Xixi Wetlands Park.
The wetlands park provides habitat for 126 varieties of birds, 60 percent of the total number in Hangzhou.
Shen says the Hangzhou government is committed to ensuring sustainable development that fosters the best environmental practices and innovation.
After attracting several key big companies to the Xixi Sci-tech Island in Yuhang District of Hangzhou, the Hangzhou municipal government is pumping 3 billion yuan (US$439 million) a year over the next three years into the project and offering attractive terms to foreign and local companies who relocate there.
Located in the west of Hangzhou and less than five kilometers from the famous West Lake, the 98.9-square-kilometer area will contain office, scientific research, higher education, retail, residential and tourism facilities.
Shen Wennan, assistant district chief and director of the Yuhang District Government, told an AmCham round-table discussion in Shanghai that the Hangzhou government wanted to produce a "high-tech incubator center" where new cutting-edge technologies in a range of industries could be produced.
"We are not only interested in providing seed capital but also finding and investing in start-ups we believe can gain traction in their particular industry and can show potential either in China or in the international marketplace," Shen says.
The Hangzhou government has already attracted some key tenants including online B2B trading giant Alibaba and Zhejiang University, who are constructing a major campus at the development.
Alibaba plans to begin construction in the fourth quarter of this year on more than 20 buildings and international headquarters.
Zhejiang University will build the province's biggest hospital that will provide medical services for the development.
Meanwhile, construction of Hangzhou Normal University campus has begun.
Other tertiary institutions are also slated for the park, providing a ready talent pool for technology companies.
Wal-Mart will open a major retail outlet in the development's 170,000-square-meter shopping mall set to open in 2011.
The Hangzhou government is projecting that Xixi could cater for some 500,000 to 600,000 people and provide major infrastructure, with three Metro lines set to link the island with downtown Hangzhou.
The high-speed railway between Hangzhou and Shanghai is also predicted to be finished by 2011.
Complementing these public transport links, there will also be a ferry service through Hangzhou's waterways.
The government wants to attract software, information service and innovation industries as well as light electronic and information manufacturing companies involved in areas such as robotics and mobile communications.
Other companies that Xixi could foster include a range of service industries, higher education and scientific research, biopharmacy, communications and environmental protection firms.
The AmCham round-table discussion attracted industries interested in Xixi, including architecture and engineering firms, real estate developers, retailers and specialized project management companies.
It is estimated that approximately 80 percent of the site is still open for development and the Hangzhou government is offering an attractive incentive package for potential investors.
This includes reduced land prices, personal income tax relief and a tax abatement period as well as living stipends and residency assistance for executives.
Shen says residential areas already sold had averaged 30,000 yuan per square meter but that land prices, particularly for major commercial developments, were in the control of the government.
"For research and development office land, we will be trying our best to provide a low price to attract more companies," she says.
"I think after three years, land prices will not be high at this level."
Government support also includes a fast-tracked licensing process, basic legal assistance and a registration support team.
The Zhejiang government announced the decision to develop Yuhang District as the Xixi Sci-tech Island in 2008 and Shen says planning control was put under the auspices of an administrative committee for Yuhang District.
Shen says the committee has shelved some manufacturing projects initially planned for the area because they were not in keeping with the development and ecological guidelines outlined in the master plan.
There are several green corridors in the development, and the master plan includes a 739.5-square-meter "ecological belt" at the Jingshan north/south lake.
The development also includes the 10.8-square-kilometer Xixi Wetlands Park.
The wetlands park provides habitat for 126 varieties of birds, 60 percent of the total number in Hangzhou.
Shen says the Hangzhou government is committed to ensuring sustainable development that fosters the best environmental practices and innovation.
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