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Shanghai Seeks Overseas Investment for Riverside Development

 

Shanghai, the biggest industrial and business center in China, will open up a comprehensive riverfront development program to influential overseas developers.

Zhang Huimin, director of the Shanghai Municipal Construction and Management Commission, said recently that the development program involves 1,330 hectares of areas between Yangpu Bridge and Nanpu Bridge spanning over the Huangpu river, which runs through the city.

Qualified overseas developers must be internationally renowned with expertise in huge development projects, and have access to international financing channels, said the official.

From 2001 to 2005, Shanghai plans to build 200 kilometers of rail lines, which translates into potential demand for US$2.5 billion-worth of locomotives and machinery and electronic facilities, Zhang said.

He said part of the equipment will be purchased from abroad while others will be produced in cooperation with overseas companies. Infrastructure projects scheduled for this year in Shanghai totals 100 billion Yuan (US$12 billion) in overall investment.

The projects include a deep water port project, a railway passenger station, the second runway for Pudong International Airport, and a garbage processing project. (Xinhua News Agency February 19, 2002)

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