Foreign investors cluster in Shanghai

Twelve major foreign-funded projects will soon get underway in Shanghai, as the city maintains its position as a hotbed of foreign investment.

Data center solution provider GDS, SAIC General Motors, and German commercial vehicle supplier SAF-Holland are among a list of companies pledging a total investment of 23.4 billion yuan ($3.37 billion) in Shanghai, the municipal government announced at a contract signing ceremony on Saturday.

The largest proposed investment comes from Nio, an electric vehicle startup that promises a fresh injection of 16.6 billion yuan in the research and development of electric, smart, internet-connected and lightweight cars.