Mar. 14 – China’s central government has approved a project to turn a 15 square kilometer site bordering Shenzhen and Hong Kong to become “the Manhattan of the Pearl River Delta.” The site, reclaimed land known as Qianhai, north of Shekou, is to become a hub for innovative service industries. It will, in effect, become a “special economic zone with a special economic zone.”

A management team, comprising of nine mainland civil servants and two prominent, independent businesspeople from Hong Kong, will administer the area as part of an 11-strong administrative team especially set up to development the area. A specific set of new laws, regulations and taxes will apply in Qianhai in details expected to be released by the Shenzhen government later in the year.

The region is expected to become a magnet for financial and other services.

Dezan Shira & Associates has maintained an office in Shenzhen since 1992 and can advise on foreign direct investment laws, taxes and related matters in the city. Please email Alberto Vettoretti at shenzhen@dezshira.com, visit the firm’s web site or download the firm’s brochure here.

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