The Bund, which used to be called the Wall Street of the Far East, is revitalizing its financial allure of the past as Shanghai's bid to build the city into an international financial hub.
The Bund will position itself as the home to securities firms, fund management companies, investment banks, asset management companies, financial services agencies, and other entities involved in related services such as legal and accountancy, officials from the Shanghai municipal government and Huangpu District said yesterday, outlining the city's financial blueprint.
The master plan will divide the Lujiazui financial zone in Pudong New Area on the other side of the Huangpu River as the home of the stock and futures markets, big-name financial players and the regional headquarters of overseas corporations.
The Bund, a must-visit attraction for tourists from home and aboard with its historical buildings, will be a niche area for specialist firms like brokerages, lawyers and insurers.
The Bund's financial street will be extended south and when completed, it will cover 260 hectares stretching 4.8 kilometers as the "financial cluster area".
"We will strengthen the development of the southern extension of the project and build up the environment for financial players and improve traffic," said Zhou Wei, director of Huangpu District.
In an effort to attract more top-level financial talents and their families to live and work in the area, the district government will also include apartments, healthcare and provision of schools as well as boosting infrastructure, greenery spaces and high-end commercial areas, said Zhou.
He said 1.8 million square meters of new office space will be offered in five years.
Rock Bund, Peninsula Hotel and more high-end residential areas, boutique hotels and department stores are also in the pipeline to play up the allure of the Bund, which is now home to financial giants like American International Assurance, Shanghai Pudong Development Bank, and China Everbright Bank.
Until the late 1930s, there were 167 Chinese and foreign banks and money houses in the Bund area.
(Shanghai Daily September 18, 2008)
