A foreign final four for Beijing Financial Street bid

The winner of the bid to plan and design the heart of the Beijing Finance Street is expected to be selected from four foreign design companies by July.

This was announced during a professional evaluation conference for the scheme held on Monday in Beijing.

The designers in contention are Japan-based Arata Isozaki & Associates, Germany-based Von gerkan Marg and partner Architekten, Skidmore and Owings & Merrill International Ltd both from the United States and Canadian Architects Crang & Boak Inc.

The initial appraisal commission was composed of experts engaged in planning and design, urban communications and landscaping, as well as real estate developers.

"The commission preferred the Japanese design," said Liu Chunshi, general manager with the Finance Street Co Ltd, the street's key developer. "However, construction of the financial street must be in compliance with the general development programme for the whole of the capital. The Beijing Urban Planning and Design Commission will decide the final winner mid-year."

No matter who wins the bid, the designer will have to further revise their plans to ensure they are fully in accordance with the general programme for Beijing.

The central area, or heart of the street, is expected to require a total investment of 12 billion yuan (US$1.4 billion) to 15 billion yuan (US$1.8 billion) and construction is expected to be finished by 2005.

The buildings in the area will include a modern exposition centre and office buildings for banks and other financial institutions, as well as related service facilities. Approved by the State Council, construction of the Beijing Finance Street, which will cover 103 hectares and be the city's largest financial centre, was begun in 1994.

But in the early days the street looked deserted, mainly because of a lack of hotels, commercial centres, entertainment facilities, parks and green spaces, said Li Daozeng, a member of the Chinese Academy of Engineering.

Li believes that modern real estate consumers now pay close attention to convenience and how ecologically friendly an environment is before purchasing.

Today, because of adjustments to the construction plan and improvements made to the environment, the Financial Street has become a popular location in Beijing.

So far, 98 per cent of the completed office area, totalling 550,000 square metres, has been sold or rented.

And nearly 300 institutions and enterprises, including 14 domestic and foreign banks, four large insurance companies, six securities and fund management companies and four State-level telecommunication enterprises, have settled in the street.

"China will fully open its finance and service sectors to the outside world, which highlights the bright future for the Finance Street," Liu said.

In Beijing, the finance streets in the Xicheng District and the central business districts of the Chaoyang District have become two lucrative centres for real estate developers and consumers.







[source: China Daily]


People's Daily Online --- http://english.peopledaily.com.cn/