Banks to finance bund project

  • ASEAN+
  • Tuesday, 18 Feb 2003

THE Shanghai Pudong Development Bank and the Shanghai branch of the Industrial and Commercial Bank of China signed separate agreements last Friday to lend 2 billion yuan (RM915.8mil) 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 programmes developing both sides of the Huangpu River.  

Located where the Suzhou River and Huangpu River meet, the bund head features acclaimed international architecture, with 14 buildings on the city’s protection list.  

FACELIFT FOR BUND: A view of Shanghai's famous bund, which now awaits a multimillion dollar facelift to be transformed into a district for tourism, recreation and business.

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 in the programme. – People's Daily  

  • Another perspective from The China Daily, a partner of Asia News Network. 

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