Report-on-Lujiazui, China – a key financial centre
Anyone familiar with Shanghai’s skyline, will recognise the Shanghai TV Tower, Jinmao Building and also the newly constructed Shanghai World Financial Centre, which is currently the world’s tallest completed building (in terms of highest occupied floor) at 1,555 ft until the Burj Dubai is completed later this year.
All three buildings are located in the Lujiazui district of Pudong in the east of Shanghai.
Lujiazui has been designated mainland China’s key financial and commercial zone after the Hong Kong SAR.
As the only zone on the mainland designated as a ‘finance and trade zone’, Lujiazui will be central to the development of China’s financial services industry. While the industry is still in its infancy, the Chinese Government are determined to make Lujiazui a world class financial centre and reforms are gradually underway to encourage and support this ambition.
Lujiazui covers an area of almost 32 square kilometres located on the eastern bank of Huangpu River directly across the river from the Bund, which was the old financial and business district of Shanghai during the first half of the 20th Century. It had previously been a quiet backwater with a few residential houses, warehouses, and factories until its rapid development over the last 15 years to become the new central business district of Shanghai.BusinessLujiazui encourages investments in the areas of finance and trade, modern commerce, exhibitions & tourism, leisure & entertainment and other modern service industries.There are already upwards of 530 domestic and overseas financial institutions including HSBC, Citibank, and Standard Chartered Bank, and over 1900 professional service agencies including lawyers, accountants, consultants and business information service companies registered in the district. Additionally more than 50 multinational companies have their regional headquarters in Lujiazui.In this year ‘s report to the Shanghai local people’s congress, the Shanghai mayor Han Zheng stated that the city would “enhance the construction of Lujiazui financial city as part of its plan to build itself into a world financial centre like New York and London.”Under the 11th Five-year Plan (2006-10), the Pudong Government have set targets for Lujiazui to attract and develop over 600 financial institutions, including banks, securities and insurance firms, and a financial professional workforce exceeding 200,000, 2½ times its current 80,000 workforce.In May of each year, Lujiazui hosts the two-day ‘Lujiazui Financial Forum’. This is Shanghai’s first high-level international finance forum that brings together influential government officials, domestic and international financial leaders to discuss how to further the financial reform and market opening of China. Domestic attendees included the People’s Bank of China governor Zhou Xiaochuan, the insurance, banking and securities regulators Wu Dingfu, Liu Mingkang and Shang Fulin while international attendees included the heads of all the major international banks, securities officials of international stock exchanges and also David McCormick, Under Secretary of the US Treasury.Shanghai officials hope to bring even more international awareness of Shanghai through the forum and gather ideas on how to better foster Shanghai’s reputation as a leading international financial centre.
Landmark BuildingsLujiazui offers a wide range of high quality office space in a large number of high rise skyscrapers; however a number of buildings stand out from the crowd and are instantly recognisable.Shanghai World Financial CentreThe 101 storey Shanghai World Financial Centre (or Mori Building), was completed in September 2007 at a height of 1,555ft. Designed by Kohn Pedersen Fox, it has received a number of major architectural awards including the ‘best skyscraper completed in 2008’. Nicknamed ‘the bottle opener’ due to its distinctive trapezoidal aperture at its peak, the original design specified a circular aperture, 151 ft in diameter, to reduce wind loading stresses. In Chinese mythology, the earth is represent-ed by a square and the sky by a circle; however this design began to face powerful local opposition due to its similarity to the Japanese flag and the current design was eventually substituted.The project was financed by an international consortium of investors led by Morgan Stanley, which included Japanese, Chinese and Hong Kong banks, a Japanese developer as well as a number of un-named American and European investors.It is a mixed use skyscraper containing office & retail facilities and houses the 174 room Park Hyatt Shanghai, now the highest hotel in the world, surpassing its sister hotel, the Grand Hyatt in the Jin Mao Tower next door.
Jin Mao TowerOpened on August 28, 1998, the Jin Mao Tower has a total of 88 storeys and was designed by the Chicago office of Skidmore, Owings & Merrill drawing on traditional Chinese architecture for influence. The building’s proportions revolve around the number eight, which is associated with prosperity in Chinese culture. The 88 floors are divided into 16 segments, each of which is 1/8th shorter than the 16-story base.Eight exterior composite columns and eight exterior steel columns surround an octagon-shaped concrete core. Three sets of eight outrigger trusses connect the columns to the core to provide additional support. Its exterior walls are made of glass curtain walls and granite facing with a complex aluminium latticework cladding. The foundations rest on 80m deep piles to compensate for poor ground conditions and were at the time the longest steel piles ever used in a land-based building. In typhoon winds of up to 200 km/h the top is designed to sway by 75 cm, withstand earthquakes of up to seven on the Richter scale and even the swimming pool on the 57th floor is designed to act as an earthquake damper.The building houses a wide range of high quality office space as well as the Shanghai Grand Hyatt hotel.
Oriental Pearl TowerThe oriental Pearl Tower, or Shanghai TV Tower, was completed in 1995 at a total height of 1,535 feet. Designed by Jiang Huan Cheng of the Shanghai Modern Architectural Design Co. Ltd, its key architectural features are its two pearl shaped spheres supported on three columns. The first major skyscraper in Shanghai, it was the first step towards establishing the city’s skyline and also Lujiazui as its new central business district.
Shanghai TowerCurrently in the early stages of construction, this 128 storey building will rise to 2,073 ft and will be the second tallest building in the world after the Burj in Dubai.Designed by Gensler, the tower comprises of a stack of nine cylindrical buildings enclosed by a two layer glass façade which twists as it rises. It will feature nine indoor gardens at different levels as well as the world’s highest open observation deck. The design of the glass façade is designed to reduce wind loads on the building by a quarter and reduce construction costs. The two layer glass façade provides improved insulation; the twisting form of the building will collect rainwater for its air conditioning and heating systems and it will have a number of wind turbines to generate power for it. The owners hope to be awarded certifications from the China Green Building Committee and the U.S. Green Building Council for the innovative ecological design.
Transport linksLujiazui is an hour from Pudong International Airport and 40 minutes from Hongqiao Airport. The Shanghai Metro Line 2 at Lujiazui station provides convenient links to other part of the city. The area is well served by parkways and motorways leading to the outer ring road and the central tunnel under the Huang Pu river.If you need further information on Lujiazui Finance and Trade Zone or an introduction to any of the organisations in Lujiazui area, please contact CIIPA:
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