Top Biz News
New 'international business center' to convert crime area
(China Daily)
Updated: 2010-03-22 15:07
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Beijing is offering cash prizes for designs to turn a crime-infested suburb into an international business hub.
According to a "worldwide" invitation posted on the Internet over the weekend, architects are required to submit designs before April 1 that can transform a 6.2 sq m northern section of Dongba, an eastern suburb of the city, into Beijing's largest business district.
Successful plans will receive payment of 800,000 yuan and be eligible for extra cash prizes of unspecified amounts.
Wang Yuerong, vice-director of the Dongban business district administrative committee, told local media that Dongba - sandwiched between the second airport expressway and the eastern Fifth Ring Road - aims to attract international shopping and hotel companies in its bid to become a business and recreational center.
Wang also said the area might have two subway lines, although the specifics were being decided by the government at present.
Dongba, in Chaoyang district, currently boasts one of the largest rural markets in the city and is home to many migrant laborers.
According to Beijing police, Dongba ranked eighth in the city's list of top-10 suburbs with the most break-ins last year.
Officials have not yet disclosed plans for relocation of residents or crime-control, but did say the business makeover should be completed within eight years.
While some local residents doubt architects can pull together a development plan in only 10 days, many welcomed the news as a way to boost the value of their properties.
Ivy Town, one of the largest development projects in the area, has already seen major price jumps over the past year, from 11,000 yuan one year ago to the current 22,000 yuan per sq m.
Chaoyang district, home to the city's central business district (CBD), is already building a Dawangjing business district to the north of Dongba.
It hopes to attract more multinational corporations and create as many as 100,000 new jobs by turning residential areas into commercial headquarters in the next six to eight years.
The Dawangjing area will have a construction footprint of 1.29 million sq m, with only 260,000 sq m set aside for residential purposes.
Last week, State-owned developers spent billions of yuan on plots of land in Dawangjing during public bidding, further fueling property speculation in the area.
