| International Financial Magnates Racing to Settle in Beijing CBD |
| 3/11/2006 1:1:0 Beijing CBD |
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On February 28, 2006, a press conference was held by the government of Chaoyang District, Beijing at the Beijing CBD International Forum Center located in Jun Wang Mansion. Then the Enforcement Opinions by Beijing CBD Concerning the Implementation of ¡®Opinions on Facilitating Capital's Development of Financial Industry¡¯¡± was released officially, which has attracted widespread attention from the financial community. Many companies such as Ping Tai Life Insurance, Aviva-cofco Life Insurance, General China Life Insurance, China International Capital Corporation and American International Assurance Company have called or visited to consult some issues about the implementation of this policy and showed optimistic attitude towards the future of CBD.
Under the influence of such policy, a large number of financial companies, foreign-invested financial institutions in particular, have all cast their eyes on the potential market of Beijing CBD. They have increased their domestic investments through various methods, namely, setting up new financial enterprises, expanding business scope or becoming a shareholder by investing in Chinese financial companies, which has aroused a new investment wave of foreign-invested financial industry settling in CBD.
The New Policy Attracting the Returns of Thoenixes?Another Surge of Financial HQs to return CBD
Aviva-cofco Life Insurance Co, Ltd, which has settled in the functional area of Beijing CBD recently, is the first financial headquarter to return Beijing. It was merged by the world`s sixth biggest insurance com pany Aviva with one of the top 500-a state-owned enterprise Cofco. The headquarter has been moved from Guangzhou to Beijing. Aviva-cofco said at the press conference that it thought very highly of the market potential in CBD. General China Life Insurance , a joint venture of PetroChina Company Ltd. and one of the six biggest insurance companies in the world Assicurazioni Generali of Italy, is going to change its headquarter from Guangzhou to Beijing CBD. The respective Beijing Branches of Hang Seng Bank and Bangkok Bank have both decided to choose CBD as their locations. HSBC Hong Kong has opened a branch in at Guomao and thus become the first foreign-invested bank to have a branch in Beijing. Standard Chartered Bank of Britain has established a branch at Lufthansa Center; Sunshine Property and Casualty Insurance Company has stationed at Kuntai Building; China Property Insurance Company has signed a contract with Beijing Silvertie Center; Samsung Airchina Life Insurance has settled at the building of Business Attraction Bureau, becoming the first insurance company's headquarter located in CBD.
The settling down of these financial enterprises, together with over 100 other financial institutions in CBD such as the headquarter of China International Capital Corporation Ltd. (jointly invested by China Jianyin Investment Corporation, Morgan Stanley and Government of Singapore Investment Corporation), American International Assurance Company, BNP Paribas, Bank of America and CLSA, have further strengthened the accumulation effects of financial industry in CBD. Therefore, international financial business has been gradually becoming the leading one of CBD's regional service industries.
Besides, CITIC Ka Wah Bank Hong Kong is asking for permission to set up a Beijing Branch and has made a decision to locate at Fuer Building. Citibank Beijing Branch is due to open a subbranch at Kerry Center recently. Up to now, the branches of 16 foreign-invested banks have settled down in CBD or its surrounding area, accounting for 60% of the total in Beijing.
Furthermore, many financial enterprises under preparation of being established or being ready to be set up have formed a good impression of CBD, e.g. MetLife (jointly invested by Metropolitan Insurance Company and Capital Airports Holding Company) is planning to found a Beijing branch; Anbang Property and Casualty Insurance Corporation is preparing to set up a life insurance company; China Poly Group Corporation and State Grid Corporation of China are going to establish a life insurance company as well as the Ping Tai Life Insurance due to come into its being. All of these enterprises are facing the problem of choosing a suitable location. Lloyds TSB has also got the permission to set up a reinsurance company, which will exert a big influence on the regional insurance broker and the reinsurance market. In 2005 China Insurance Regulatory Commission has approved to establish 20 new insurance companies. In 2006 it will speed up to issue more sanctions. A large number of financial enterprises are racing to grab the Beijing market and swarming into CBD.
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