North Bund area to become new growth engine for Shanghai
May 19, 2020 Category China News Round-up, Weekly
The North Bund area in Hongkou District will become a “new engine” for Shanghai’s future development with the tallest building in Puxi. Wu Xinbao, Hongkou’s Party Secretary, mapped out the new blueprint for the North Bund waterfront along the Huangpu River to journalists. The riverside region, covering about 4 square kilometers, will be on par with the Lingang Special Area and the Pudong New Area in the east, and the demonstration zone for the integrated development of the Yangtze River Delta region and the Hongqiao Business District in the west, Wu said. “The North Bund will become the new landmark to lead the city’s north-south development axis as well as the new benchmark for urban development in the new era,” he told reporters. According to the blueprint, the North Bund will include a core central business district, with a high density of office buildings and commercial facilities, and historical and cultural regions around the Tilanqiao and Hongkougang river, where the historical ambiance will be fully preserved.
As part of the Huangpu River skyscraper cluster, a 480-meter new landmark structure will be built on the North Bund to match the Lujiazui skyscrapers on the opposite side of the river. The new building will become the tallest structure in Puxi and the third tallest in the city after the 632-meter Shanghai Tower and the 492-meter Shanghai World Financial Center in Pudong’s Lujiazui area. It will form a new skyline along the river with the current highest building on the waterfront, the 320-meter-high tower of the Sinar Mas Plaza. “About 8.4 million square meters of new buildings have been planned for the North Bund, equal to the total amount of buildings in Lujiazui and on both sides of Century Avenue in Pudong,” Wu said. The North Bund is home to over 1,500 financial companies which manage over CNY5 trillion of assets. They include a ninth of China’s mutual funds and over 4,700 shipping companies such as COSCO Shipping and Shanghai International Port Group.
Wu said Hongkou aims to work out a general plan for the North Bund in three years and make the area fully functional in five years. The waterfront is due for completion within 10 years. By then, over 200 buildings will be home to the headquarters of about 100 multinational corporations, the Shanghai Daily reports.
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