Hongqiao Business Park to Begin Construction Next Year

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SHANGHAI, Sept. 24 – The city is scheduled to break ground on its new Hongqiao Business Park next year that will eventually feature offices, hotels, entertainment facilities, shopping malls and exhibition sites upon completion.

The park will have a 26.3 square kilometer central zone linked with the Hongqiao transport hub with both the Changning and Minhang districts making use of the business center.

“Building the business park is a strategic move for Shanghai to become a global trade center by 2020 and a gateway to the Yangtze River Delta region for traders and investors,” Xue Quanrong, deputy director of the Shanghai Hongqiao Business Park Administrative Commission, said in news conference. “The park has strengths in its location, convenient transportation and urban planning.”

The park is strategically located within the major cities of the Yangtze River Delta. Xue told Shanghai Daily that the new zone will become a magnet for modern service industries, including logistics and exhibitions as well as serve as headquarters for local and overseas businesses.

The government has yet to determine investment incentives for the park. “We will allocate a 2.1-square-kilometer area for building residential properties, along with other cultural and entertainment facilities, making the park a bustling area integrating work and life,” said Xue.

The park is forecast to have revenue amounting to more than RMB10 billion by 2015 and RMB15 billion by 2020.