Commercial real estate investment in the Qianhai section of Hong Kong will increase significantly in the coming months, as dozens of Fortune 500 companies plan to spend as much as 300 billion yuan (USD $47 billion), according to The Standard.
Nearly 40 firms have already signed up for the investment plan, which has totaled 220 billion yuan. These included large financial institutions such as Bank of East Asia, HSBC Holdings and Hang Seng Bank, the news source explained. Nearly 90 percent of the area has begun development, and it plans to have a gross domestic product of 150 billion yuan in the next eight years.
"Qianhai will undoubtedly provide significant opportunities for Hong Kong's development by making full use of financial services and speeding up yuan bond issues in the SAR," said Fan Hengshan, member of the National Development and Reform Commission, according to the news source. "The SAR's role as international financial hub will be consolidated."
City officials hope that the continued investment of large organizations will convince both local businesses and professionals to become involved in larger business on the Chinese mainland, the news source added.