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Important news
在线翻译:
szdaily -> Important news
SUNGANG TO BECOME FINTECH CENTER IN SHENZHEN
    2017-October-17  08:53    Shenzhen Daily

ONCE dubbed the No. 1 warehouse in China, Sungang will be transformed into a CBD integrating finance, technology, culture and life, the Nanfang Daily reported yesterday.

Sungang, located in Luohu District, was an important logistics center for importers and exporters in the 1980s and 1990s. It boasted many accomplishments, for instance, having the country’s largest modern multifunctional commercial warehouse, the first export supervision warehouse, the first 5,000-ton modern warehouse for cold storage and the first bonded warehouse for imports. It was even coined in a catchphrase at the time, being acclaimed as the No. 1 warehouse in China.

In 2000, Sungang began to transform and finally became the model of renovation for the city, which is home to Shenzhen Arts and Exhibition Center, a home furnishing shopping center on par with IKEA. After 17 years of upgrades, the center has become a professional wholesale market and arts and crafts gathering base, featuring accessories, home furnishing products, ceramics, glass and antique furniture, as well as high-end craftwork from southern China and around the country.

Chen Xiangfa, president of Shenzhen Material Holding Co. Ltd., explained that Sungang had experienced the era of the planned economy, in which it functioned as a warehouse for materials, food and hardware accessories. Later it was geared toward the needs of logistics and a professional market.

“The traditional professional market and old warehouse will become things of the past. Sungang is in the process of rapid transformation and will become a model for urban renewal,” he said.

It has been reported that the Luohu District Government is planning to build an innovative financial industry belt with Hongling Road as its axis, turning it into a world-level financial street.

Hongling Road is 2.5 kilometers long, connecting Luohu and Futian districts. The area will gather a large number of licensed financial institutions, including banks and companies in the fields of securities, insurance, trusts, futures and funds.

Sungang is located north of the industry belt. It is a key area of a 250-billion-yuan (US$37.9 billion) project, which aims to renovate Luohu District. With a planned construction area of about 3.5 million square meters, it will become a new commercial center and headquarters base of Shenzhen.

At present, the area is home to branches of the People’s Bank of China, HSBC, Standard Chartered Bank, and Shanghai Pudong Development Bank, the headquarters of Ping An Bank and Guosen Securities, and an industrial park built by Ping An Securities featuring private equity funds.

In the future, it will continue to introduce more top 50 companies from the global fintech industry.

It has been reported that six super-high skyscrapers, such as the 739-meter-tall H700 Shenzhen Tower and a new 600-meter-plus Kingkey Oriental Regent Hotel, will rise up in Sungang in the next five years.(Zhang Yu)

 

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