Shanghai North Bund works on headquarters economy, setting new benchmark for development

Shanghai Magnolia Plaza at the North Bund in Hongkou district, Shanghai

Nearly 100 headquarters are about to settle in the North Bund in near future, with top-level supporting system including shipping, finance, technology, space and environment quality, infrastructure, education and medical facilities being put in place and make the North Bund a new growth engine for Hongkou district and Shanghai, according to Global Promotion Event on the Development and Construction of the North Bund held in Hongkou on Sunday.

With next-step focus on building economy and platform economy, the North Bund is working to build itself into the center for headquarters and foreign-related business, according to the event theme on “New Era, New Benchmark”.

It is learned that the North Bund will soon introduce seven commercial plots in the central area including one that will see the rise of a 480m-tall new landmark.

Tang Zhiping, deputy mayor of Shanghai makes remarks at the Global Promotion Event on the Development and Construction of the North Bund held in Hongkou, Shanghai on June 21, 2020

Hailed as the largest scheme since Shanghai initiated Lujiazui construction, North Bund currently mulls development volume of approximately 8.4 million square meters, with three new landmark buildings in the core area rising as tall as 480 meters, 380 meters and 320 meters.

Wu Xinbao, secretary of CPC Hongkou district committee, makes remarks at the Global Promotion Event on the Development and Construction of the North Bund held in Hongkou, Shanghai on June 21, 2020

It is noted that the North Bund stands out with its concentrated shipping service industry, distinct shipping headquarters characteristics, and fully-equipped shipping elements, forming one of the most complete industry chain in China and clustering more than 4700 shipping enterprises and institutions such as China COSCO SHIPPING Corporation Limited, Shanghai International Port (Group) Co.,Ltd and China Shipowners' Association.

Deployed with new generation of information infrastructures, the North Bund also boasts the highest density of 5G base stations in Shanghai.

The North Bund currently hosts more than 1600 financial enterprises with asset management scale exceeding 5 trillion yuan. Among them, there are 16 public funds, shouldering its part as Shanghai moving towards global asset management center and Fintech center.