Ten projects were unveiled yesterday in the zone, aiming to shape a new mini-district for finance, trade, tourism and real estate. The 12 million square-metre floor area will be put into use by 2006 in the 28-square-kilometre Lujiazui with a total investment of more than 2 billion yuan (US$240 million).

Currently home to 1,400 trade firms and seven national markets including the Shanghai Stock Exchange and the Shanghai Futures Exchange, Lujiazui will consolidate itself as a trade hub by attracting more companies and markets.

It is expected that more banks will join Bank of China, the Hong Kong and Shanghai Banking Corporation, China Merchants Bank, and Industrial and Commercial Bank of China in locating in the zone.

Hu Wei, head of Shanghai Pudong New Area, said Lujiazui will double the current number of financial institutions within three years.

"About 200 financial institutions will locate in the zone, including more than 100 foreign banks," he said.

By the end of last year, 128 financial institutions - including 48 foreign banks and nine foreign insurance companies - had set up in the zone employing 25,000 people.

Now hosting offices of more than 100 multinationals, Lujiazui hopes 80 of them will establish their regional headquarters there.

Vice-Mayor Zhou Yupeng said: "The real estate business will be a highlight in the development plan of the zone." Four luxury residential area will be established along the Huangpu River with domestic and foreign investors showing great interest in the development plans.

Officials said five companies reached agreements with Shanghai Pudong New Area yesterday to invest in the zone, including Shangri-La Asia Limited and China Banking Union.

(China Daily February 27, 2002)