Chinese authorities will allocate a designated area in Shenzhen's Qianhai free trade zone for about 150 wealth management firms which are expected to set up shop there over the next two years.
The new 95,000 square metre economic district, Co-developed by Shenzhen Metro and Qianhai Financial, will be in operation from October next year, according to plans unveiled yesterday by the rail operator and the state agency.
The new district has 29 buildings that will provide office premises, dining and recreational facilities, as well as residential units for staff of banks, hedge funds and venture capital firms. The second phase of development may start in 2018 depending on the number of companies that will set up operations there.
Firms Already Moving
Backed by the Qianhai Authority, Qianhai Financial acts as a financing and investment institution that will form joint ventures with firms to speed up the development of the zone.
«Priority entry will be given to Hong Kong-based firms if they are competitive according to global standards. Rents in the «fund town» will also be lower than market levels,» said Li Qiang, Chairman of Qianhai Financial.
The Chinese Gold and Silver Exchange Society's 62 member firms are already said to be setting up shop in Qianhai.
