|
The Shanghai Pudong Development Bank and the Shanghai branch of the Industrial and Commercial Bank of China signed separate agreements Friday to loan 2 billion yuan (US$241 million) to the developer of Shanghai's bund, the Shanghai New Huangpu Group.
The banks are offering the credit loans for launching a project positioned as one of the major programs developing both sides of the Huangpu River.
Located where the Suzhou River and Huangpu River meet, the bundhead features acclaimed international architectures with 14 buildings on the city's protection list.
The bund also serves as the source of this prosperous city's modern structure and the cradle for Shanghai's modern and contemporary finance and trade.
However, the area is now suffering from oversized buildings with random styles and is losing its economic benefit.
The Shanghai municipal government announced the development project of this area on Jan. 10, hoping to attract international and domestic enterprises to participate.
The bund area is expected to become the city's new symbolic district for tourism, office buildings and recreation.
According to their agreements, the two banks will provide special services for the management and development besides financial services.
(Xinhua News Agency February 17, 2003)
|
