Beijing CBD Lures More Multinationals

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Last updated at: (Beijing Time) Friday, August 02, 2002

Beijing CBD Lures More Multinationals

The central business district (CBD)of Beijing is home to 2,075 businesses, including 457 multinationals, more than that in any other CBD in the country, the Beijing Morning Post reported Friday.

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The central business district (CBD)of Beijing is home to 2,075 businesses, including 457 multinationals, more than that in any other CBD in the country, the Beijing Morning Post reported Friday.

About two kilometers east of Tian'anmen Square, the CBD covers four square kilometers in Beijing's Chaoyang District, where over 60 percent of the city's foreign-funded companies and more than 50percent of star-rated hotels are located.

According to the newspaper, the monthly rent for A-class officebuildings in the CBD stands at 50 US dollars per square meter, which is almost the same price as that in New York, and 96 percentof offices are rented.

Observers believe the prices of office buildings in a city's CBD directly reflect the degree of economic prosperity of that city and its global impact.

A total of 14 real estate development projects are being constructed or are still in preparatory stages in Beijing's CBD, of which seven involve overseas investment, said the newspaper.

These projects will have a combined floor space of 3.3 million square meters and will cost 47 billion yuan (5.66 billion US dollars).

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