Caohejing Hi-Tech Park launching Metro Plaza in Pudong

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By Chen Qide (chinadaily.com.cn)
Updated: 2009-03-18 14:04

Caohejing Hi-Tech Park will launch a 2.5 billion yuan ($365 million) Metro Plaza project in Shanghai's Pudong area this year as part of its stimulus plan for further development, a senior park manager said on Wednesday.

The first 1 billion yuan will be spent on 100,000 square meters of standard factory buildings for multinational headquarters and investors as the first phase of the three-tier project, said Sun Lifang, vice president of Caohejing Pujiang Hi-Tech Park.

"There is no problem for funds, for the park has the support from 10 financial groups," Sun said.

He said some investors are showing interest in the project.

Suntech Power Holdings, a global leader in designing and manufacturing solar products, intends to relocate its headquarters to the park. Its $170 million plant under construction there will operate in July to manufacture solar products, Sun said.

3M will also put its $45 million plant into operation at the same time to manufacture medical equipment, while British Spirax Sarco will finish its $40 million project to produce boiler and pipeline control valves.

Insiders said these projects will become an impetus for the park's export and processing zone.

"The zone is expected to keep the same export volume this year as it had last year though it has been hit as well by the global financial crisis," said Wang Haijian, the park's administration manager.

The zone exported products valued at $11.83 billion last year, ranking third in the nation. But some enterprises have slowed production since the latter part of last year, Wang said.

"Some have seen a negative growth, but no plants have stopped production," he said.

He said the park is seeking policy support from the municipal government to help its export-oriented enterprises tide over the crisis.

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