THE Caiwuwei area in Guiyuan Subdistrict, Luohu District, will be renovated into a financial center with a cluster of landmark buildings.

The Caiwuwei area, bordered by the upscale MixC shopping center to the east, Hongling Road to the west, Binhe Road to the south and Hongbao Road to the north, occupies an area of more than 330,000 square meters. The Luohu District Government plans to transform the area into a top-notch financial and commercial hub by pulling down a number of urban villages.

At a relocation mobilization meeting Sunday to mark the solid progress on the urban rejuvenation project, the developer Kingkey Group, in partnership with Caiwuwei Industrial Shareholding Co. Ltd., said the area will be developed into a modern service center that has finance as its core business and is driven by culture consumption.

The area’s renovation is the highlight of Luohu’s ongoing efforts to turn itself into an international consumption center. The area will host top international fashion institutions.

In August 2018, Luohu unveiled its 13th Five-Year Development Plan for Urban Rejuvenation, which positioned the Caiwuwei area as the financial, trade and culture center of the district. Through urban rejuvenation projects, the district will turn the Caiwuwei area into a cluster of world-class landmark buildings. It is part of the district’s objectives for building a new Luohu.

Shenzhen Kingkey Group had proposed the construction of a 739-meter tower as part of a cluster of super tall buildings sprouting up in the area. When completed, the planned structure would be the second or third tallest building in the world, after the 830-meter Burj Khalifa in Dubai and the Jeddah Tower in Saudi Arabia, which is planned to reach 1,008 meters upon its scheduled completion in 2020.

The tower will be a follow-up to Kingkey Group’s Kingkey 100, which was Shenzhen’s tallest building until the 600-meter, 115-story Ping An International Finance Center was topped off.

Luohu is home to the 69-floor, 384-meter Diwang Mansion, and is planning 100 urban renewal projects.

(Han Ximin)