Shanghai Tower home to financial firms
( chinadaily.com.cn )
Two floors of the 137-storey Shanghai Tower will be built into a base hosting world's leading wealth management institutions, according to a deal reached by the tower and Lujiazui financial district management committee on April 29.
More than 10 private securities funds have decided to set offices on the two floors, covering about 8,000 square meters. The 632-meter-high Shanghai Tower will offer five floors with a total of 18,000 sq m to financial enterprises.
The city’s highest skyscraper is expected to provide Super Grade A office space and service facilities for high-end financial institutions, headquarters of transnational corporations and modern services.
Officials from the Lujiazui financial district management committee said that dozens of top private securities funds, like the Springs Capital, have shown interest in Shanghai Tower. The committee will also help start-up private securities funds established and nurtured in Lujiazui financial enterprises incubator to launch offices in the Shanghai Tower.
GR Asset, a capital management company founded last year, will move into Shanghai Tower. Company President Qi Dongchao said that the management committee has offered abundant preferential policies to help the company.
The Lujiazui financial area has gathered leading wealth management institutions. More than 40 percent of China's mutual funds are based in Shanghai, most of them in Lujiazui.
Six major insurance and capital management companies registered in Shanghai all operate in Lujiazui, including Ping An of China Asset Management, China Pacific Insurance (Group) Co. Ltd and others, managing assets with a total value exceeding 320 million yuan ($51.6 million).
Since the opening of Lujiazui Emerging Financial Venture Service Park in October, 2014, more than 150 private securities funds have offices in the park.
"As Lujiazui was included in the expanded Shanghai (Pilot) Free Trade Zone, we can make the most of financial reforms to improve the financial market and support the wealth management sector," said Zhu Min, deputy director of the administrative committee of the Shanghai FTZ.
Xia Yang, director of securities business in the China branch of United Bank of Switzerland, said that flexible cross-border investment policies bring out more business opportunities, and UBS will offer comprehensive services for private securities funds.
Lujiazui plans to integrate the district’s services, including law firms, accounting firms and consulting agencies to establish a service platform for cross-border investment.