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November 26, 2012

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Work starts on new global business zone

WORK started yesterday on the first group of projects at a new business zone in the Pudong New Area to include the headquarters of multinational firms, an international community and a large public park.

Construction began on a British international school and infrastructure for the zone, covering 2.8 square kilometers in the Qiantan area, nearly double the size of the Lujiazui Financial Zone.

"The new Qiantan International Business Zone will include a large area of green land and a residential zone to be eco-friendly and close to people's lives," said Jiang Liang, governor of Pudong New Area.

The zone is expected to be home to multinational firms' headquarters from home and abroad, culture and media institutes, and sports and leisure sites. "The future zone will be active around the clock to conform to the working hours of other international financial centers like New York and London," Jiang said.

Jiang said the non-governmental fixed asset investment in the zone will total more than 100 billion yuan (US$16 billion).

The area will take shape in three years and begin functioning around 2017.

"It is designed to have 30,000 people living in the area and another 200,000 working there. They mainly include local expats and employees of multinational firms," said Yang Xiaoming, director of the board with the Lujiazui Group, which is overseeing the construction.

The Qiantan area, shaped like a boot, is south of the former Expo site and the Lujiazui zone and is less developed than those areas. It is only 20 minutes drive from downtown and three Metro lines converge in the area.

A highlight of the future business zone will be thousands of meters of bicycle lanes and more than 50 bicycle rental stations.


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