Binhai CBD touted as perfect place for companies to relocate

Strong and good policy expectations made more institutions optimistic about the development prospects of Binhai New Area Central Business District (CBD), said an official on Tuesday.

"Policy expectations of the integrated development strategy of the Beijing-Tianjin-Hebei region and Tianjin free trade zone provide Binhai CBD a historic opportunity," said Deng Weiming, head of the Central Business District Administrative Committee in Binhai New Area.

As President Xi Jinping called for integrated and coordinated development of the Beijing-Tianjin-Hebei region in February, the capital city will move non-core functions to surrounding areas.

With its advantages in location, environment, transportation, public services and preferential policies, Binhai CBD will be a good place for companies to relocate, Deng said.

Binhai CBD is included in the plan submitted to the State council to build a free trade zone in Tianjin similar to the pilot in Shanghai.

"If the plan is approved, Binhai CBD can enjoy more benefits from preferential policies," Deng added.

Given the background of China's weak economy, Binhai CBD saw 598 enterprises registering in the district in the first eight months of the year, exceeding the whole number of last year.

Dalian Wanda Group signed an agreement recently to invest 5 billion yuan ($815.3 million) to build a 400,000-square meter flagship commercial property project in the district.

The construction will start at the beginning of next year and be finished by 2017.

Binhai CBD focuses on five leading industries, including finance, headquarters business, international trade and cross-border e-commerce, technology and Internet and cultural creation.

As of the end of August 2014, 3,055 enterprises have registered in the Binhai CBD, with registered capital of 170.9 billion yuan. Some 534 of them are finance enterprises, with registered capital of 150 billion yuan.