Luohu to spend ¥700m supporting enterprises

Representatives from Luohu District Government pose for a photo at yesterday's news conference held at Kingkey 100 Tower in Luohu District.

Luohu District will allocate 700 million yuan (US$105 million) to support enterprises, according to the district government at a news conference at KingKey 100 Tower on Thursday.

The total amount is more than three times that of 2012, which was 200 million yuan, a move to further optimize the business environment in the district, said Liu Zhiyong, the district head.

The new industrial policy targets key industries and fields including headquarters economy, financial industry, trade industry, cultural innovation, and architectural decoration.

To attract investment, the district will offer a maximum 10 million yuan to companies relocating its headquarters to the district and 50 million yuan for financial institutions.

Companies can also claim other subsidies after they successfully register in Luohu.

For example, corporate headquarters can receive a housing subsidy capped at 80 million yuan, the highest among all districts and new area in the city.

Luohu will highlight the development of four areas, specifically the Caiwuwei and Hubei area, Sungang and Qing-shuihe area, Bijia Hill area, and the checkpoint economic belt area, which cover a total of 7.1 million square meters, according to Liu.

The district’s total fixed-asset investment will reach 1 trillion yuan in 10 years, Liu said.

In terms of industrial space, Luohu will provide land lots of nearly 9.9 million square meters, equaling an area of 50 Mixc shopping malls in the district.

The first batch of land parcels on offer, which cover 934,000 square meters in total, are mainly located in Sungang, Qingshuihe and Caiwuwei areas.

An industrial space of 310,000 square meters will be made available in Sungang for an international business headquarters base and cluster of emerging industries.

The ongoing urban renewal projects at Caiwuwei will turn it into a new center featuring finance, business and cultural innovation.

Luohu has freed 51.3 hectares of land via urban renewal projects and land reorganization since 2015.