North Bund waterfront targeted for city's first asset management park
Shanghai's North Bund plans to build the city's first asset management park to further attract financial companies from both home and abroad.
The waterfront in Hongkou is intended to become a "global wealth management highland," on a par with the Bund and Lujiazui financial hubs on the opposite of Huangpu River, the district government said on Thursday.
The Shanghai Asset Management Park is expected to further attract leading global financial firms to the North Bund, which is already home to a large swathe of financial enterprises in Shanghai Hedge Fund Park and Shanghai Fintech Park.
A total of 1,895 financial companies are based in Hongkou, with 7 trillion yuan (US$1.08 trillion) worth of assets under management, including one-eighth of China's mutual funds, the district government said.
The tax revenue of the financial sector in Hongkou has increased by 64 percent between January and June this year, making it a pillar industry of the downtown district.
According to the blueprint for North Bund development, Hongkou aims to become the core region for Shanghai's ambition to become a global asset management center.
Leading Qualified Foreign Limited Partner (QFLP) and Qualified Domestic Limited Partner (GDLP) financial firms such as the US CBRE Group, Invesco Ltd and the Swiss Union Bancaire Privee are based in Hongkou.
By 2025, Hongkou will attract a large number of asset management companies with full ecological systems and open asset management centers, according to the blueprint.
The district plans to mainly attract bank financial management, insurance asset management, financial asset investment and other institutions and their subsidiaries, along with securities, funds, trusts, private banks, family trusts, fund sales and other institutions.
The government will offer subsidies and awards to financial sector companies and professionals. The senior managers of companies, for example, will receive housing subsidies to help them settle in Hongkou. They will also be availed of green channels for applications for visa, work and residence permits and talent apartments.