Construction on Lin-gang's Financial Bay begins

Construction on a Financial Bay project started in Lin-gang Special Area, Pudong on Aug 20, the first anniversary of the area's establishment.

At the commencement ceremony, eight financial institutions and foreign trade companies, including China Pacific Insurance Company, Industrial and Commercial Bank of China and Agricultural Bank of China signed agreements to set up operations in the Financial Bay.

The project, located north of Dishui Lake, covers an area of 29.48 hectares and will be built by Lingang Group, China Construction Eighth Engineering Division Co and Shanghai Construction Group.

The main building will feature a massive structure called "Ring of Honor" - it has a diameter of 150 meters – which crowns four 100-m annexes.

Located in the vicinity of this structure will be high-end office buildings, five-star hotels, large-scale commercial complexes and residential areas.

"The project, which will be home to nearly 15,000 workers, is expected to be completed within three years," said Sun Canglong, general manager of Lingang Group.

Within five years, the developers aim to build the Financial Bay into a highland for cross-border finance, international trade, digital economy and talent services. The area will also be used to facilitate cross-border payment and the internationalization of the RMB.