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Finance firms flood into Xiamen district in wake of 19th CIFIT

2016/11/24

A score of major new projects are set to land in Huli district after the area in the north of Xiamen Island, the most developed part of Xiamen city in Fujian province, impressed investors at the 19th China International Fair for Investment and Trade (CIFIT) in September.

Deals worth a total of 47.2 billion yuan ($6.8 billion) that were inked during this year’s fair in Xiamen will enable a large number of these ventures to settle in Huli.

This includes many large projects in emerging finance industries such as development funds, insurance, securities and financial leasing, highlighting the huge progress Huli has made in turning itself into a financial hub in the last couple of years.

Xiamen-based Jinyuan Group signed a deal to set up a 10 billion yuan fund of funds in collaboration with Zero2IPO Group, a company that provides integrated services for China’s venture capital and private equity companies, in Huli district. According to financial news site Pedaily.cn, the FOF will focus on Internet technology, health care, entertainment, and intelligent manufacturing.

Jinyuan also plans to extend its cooperation with Shenzhen-based Qianhai Financial Holdings to jointly invest 3 billion yuan in constructing a business complex inside Huli’s Cross-Straits Financial Center.

Xiamen Rural Commercial Bank plans to invest 1.5 billion yuan in building an operation center in the district, while China Huaraong Asset Management Co, China’s largest asset management company by asset value as of end of 2015, also intends to build a regional headquarters in the area at a cost of 1 billion yuan.

This huge influx of new investment will provide a major boost to Huli district’s push to establish itself as a financial center.

Nearly 700 enterprises have settled at the Huli section of the Cross-Straits Financial Center to date, with a total combined registered capital of 18 billion yuan.

A dozen more financial projects are under construction inside the center, several of which are set to be put into use in the near future.

Hong Kong-listed Differ Group started the construction of its headquarters building DFH Fortune Center inside the Huli section of the Cross-Straits Financial Center in 2012.

Another large business complex resulting from cross-Straits cooperation, the Xiamen International Trade Financial Center (ITFC), is also under construction in Huli.

The complex has begun to take shape with the main body of the structure being completed. Once completed, the ITFC is expected to provide a new driving force for the region’s economic growth and industrial transformation by attracting famous finance companies to the area.

Huli’s government is helping the bid to attract more financial institutions to settle in the district, recently issuing new regulations to guide investment promotion and industrial development efforts inside the Huli section of the Cross-Straits Financial Center.

The Cross-Straits Financial Center in Huli is aiming to promote the development of both traditional and new financial industries. It is now working on developing a service platform for fundraising, equity exchange, IPO, intellectual property rights exchange, and more.

The Huli section of the center takes up 13.8 square kilometers on the east side of Xiamen island, and contains 1.1 million square meters of usable floor space.