CBD expansion plan by 2017
Beijing’s central business district plans to double in size and this plan may involve the relocation of 10,000 households. The government will expand by 3-sq km from the East Third Ring Road near Guomao to the Four Ring Road near Sihui Bridge and it will be completed in the next 6 to 8 years.
This project will attract more major multinational corporations and create 100,000 new jobs. The Chaoyang district government, which is overseeing the project, is keen to turn more residential area into commercial area, although the cost for doing this is unknown.
“About 85 percent of the currant CBD area has been taken by companies”, said Wu Guiying, executive vice-governor of the Chaoyang district of the CBD administrative committee. And she also said that this area is eager for more capacity to hold more business opportunities.
7preliminary CBD designs were completed by the world’s leading architects, including SOM Architect and KFP Architect from the States, and ADPi Company from France. This plan will be displayed to the public during a 6-day CBD International Business Festival.
Some senior officials, business people and analysts are also invited to give advices on how the CBD should expand.
Developers and real estates dealers near the CBD told METRO said that the price for both new and second hand apartments have soared since early this year rising to 20,000 Yuan ($2,930) per sqm. “But before the news came out the price were between 12,000 and 13,000 Yuan per unit, this is more reasonable, now every apartment has grown by one third”, said Wang Mei a property broker.
Li XIn, a developer for a luxurious CBD residential compound set to open by the end of this month and all the apartments were sold out despite the high price for at least 21,000 Yuan per unit.
Ma Ning, a Beijing resident who was looking at those apartments at Li’s CBD residence said “I just want a place for our son to live which is near from the working place, even the price is high”, but he was told that the apartments have been sold out
The currant CBD area near Guomao area has nested more than 15,000 firms and financial institutions.
Last year, the city government has attracted $1 billion in foreign investment, taking up half of the tax revenues for the Chaoyang district government.
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