The Enthusiasm for Investment in CBD by Multinational Financial Institutions Unabated
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| 5/18/2005 1:1:0 Chaoyang News |
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Beijing Branch of Hang Seng Bank moved into the Kerry Centre; Beijing Branch of HSBC opened its first sub branch of foreign capital bank in China¡¯s World Trade Center; Samsung Air-China Life Insurance settled its Headquarters in the China Merchants Plaza, becoming therefore the first Headquarters of financial enterprise entity officially moving into the CBD area; Toyota Financial Services (China) Co., Ltd., Beijing Branch of Ginseng Life Insurance Co., Ltd., Goldman Sachs GAO Hue Securities Co., and Beijing office of UBS Securities (Asia) Co., Ltd. have moved into CBD area.¡In addition, PICC Property and Casualty Company Limited has signed official contract with Beijing Yintai Centre; Merrill Lynch has invested in Beijing Yintai Centre; Hashing Life Insurance has settled its office in Kun Tai Building. In the first half year, a number of leading financial institutions of the Global 500 Enterprises have moved into the CBD area in succession, their enthusiasm for investment in this area has continually unabated, demonstrating the favorable trend of the financial service industrial development in the CBD area. It is clear that international finance is now gradually playing the leading role in the service industry of CBD.
At the beginning of this year, by seizing the favorable opportunity of opening the financial sector in Beijing, the CBD Administrative Commission has committed to the promotion of financial industrial development, through such works as publicizing and implementing the development-encouraging policy entitled ¡°Opinions Concerning the Promotion of the Financial Industrial Development in the Capital¡±, organizing the CBD financial enterprise sodality and preparing for the establishment of the Beijing CBD Chamber of Finance. So far, nearly 200 foreign banks, insurance institutions and securities companies have already gathered in CBD, and finance industry will be the leading actor in the future development of CBD in Beijing. ¡°It is vital to promote the development of finance industry in order to accelerate the establishment and development of CBD, because finance has already become the most important and influential economic sector in modern economy¡±. Mr. Yang Baojun, the chief planner of China Academy of Urban Planning & Design thus told our correspondent. As a matter of fact, the CBD operators also share the same view on the matter. Since the 3rd Business Festival held in 2002, CBD international financial service has always been the theme of the past business festivals, and developing the finance industry has already become the masterstroke throughout the development of Beijing CBD. Mr. Ke Huanzhang, the Chief Advisor of CBD Planning and Construction predicted that the finance sector will be fully opened to public investments in the near future when foreign banks enter to develop specific business, their office spaces will be expanded from the current several hundred square meters to several thousand square meters. Therefore, Beijing CBD should take the opportunity to accelerate its process for construction and development.
It is reported that many financial institutions settle their offices at CBD on the basis of two considerations. One is that its first-class office environment is favorable to enhancing the brand image of these financial institutions. The other is that the assembly of many multinational corporations, administrative bodies and white collars of the business circle has made CBD a focused area of financial institutions in search of potential clients. The gathering of many financial enterprises has displayed the huge potentials for the development of CBD financial industry in Beijing, and it will certainly further activate the business atmosphere of this area, and drive the development of other related industries.
The relocation of CCTV and BTV to the eastern area, and the two existing media of ¡°People¡¯s Daily¡± and ¡°Beijing Youth Daily¡± have triggered a new round of migration of cultural enterprises to the east areas of Beijing. Presently, a large number of cultural-type companies have moved into the office buildings of the surrounding areas of CBD. According to statistics, there are already more than 12,000 downstream enterprises settled around the CCTV and the BTV. Relocation of these two influential TV units will certainly trigger more scaled enterprise relocation in the east areas of Beijing. And this has created favorable conditions for the blooming business of the surrounding office buildings of the CBD area. Currently, quite a number of commercial and office building projects within the CBD area have already been kicked off, as they favored mainly the huge enterprise population that will be settled within this area. The consecutive landing of these two media giants as well as a number of powerful large-scale state-owned enterprises will certainly drive a new round economic development of the CBD area.
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