Shanghai to build 45 office buildings in 5 yrs

Shanghai plans to build 45 office buildings in its bustling financial district of Lujiazui in five years, in a bid to accommodate clustering financial services companies.

By the end of April this year, there were 207 office buildings in Lujiazui in city's Pudong New Area, with a construction area totaling more than 10 million square meters, according to figures from the Administrative Committee of the Lujiazui Finance and Trade Zone.

The new plan, part of Shanghai's ambition to be a global financial hub by 2020, comes after office buildings in Lujiazui were nearly full as financial institutions flocked to the area.

Ninety-four percent of Lujiazui's office floor was rented out in 2011.

By the end of 2016, Lujiazui is expected to be home to more than 900 financial service companies, up from 630 in 2011.

gaochangxin@chinadaily.com.cn