On 18 November2014, the sale of highly anticipated Shanghai Huangpu district, Dongjiadu blocks 13 and 15 was announced. China Minsheng Investment Co., Ltd. (“CMIG”) and Shanghai Bund Investment Group formed the Jiadu real estate Consortium with the winning bid of 24.85 billion yuan.
The plot is located South of the old Bund, or South Bund. In accordance with the Huangpu district plan, the plot has comprehensive use for commercial, office and residential land, of which commercial cannot be greater than 17%, office cannot be less than 65%, and residential cannot be greater than 18%.
Huangpu districts development concept for allocated region is "new Bund, new finance". The plot stresses to embody integrity and iconic landmarks, integrated working environment, leisure and deeply integrated with international financial business goals. Huangpu district Party Committee Secretary in an earlier interview communicated that the South Bund will be positioned to develop into a financial center, will be transformed to include rich historical and cultural characteristics along the waterfront and become a new cultural landmark.
CMIG’s bid echoes Huangpu districts ideas for developing the South Bund. CMIG keeps working together with the Huangpu district, and Shanghai Municipal Government to nurture New Bund to bring international influence to the Bund waterfront to become an emerging financial center and an integral part of Shanghai’s international financial center.
CMIG headquarters will be built in Shanghai, compel the companies investment and holding company headquarters, CMIG shareholders holding company headquarter, and create CMIG’s private company headquarter park within 3- 5 years. The company plans to utilize Shanghai as its base, focusing on key industries, value chain integration and industrial improvement, create internationally competitive development for listed and world-class companies, construction-related key industries for upstream and downstream industry chain support services corporate headquarters park.
CMIG’s shareholders all desire increasingly improved development and believe that large enterprises will enter into Shanghai increasing the growth of the Huangpu district.