Qianhai has a lot of yet-to-be leased office space on the market, with vacancy rates at historic highs for a district in Shenzhen. Never mind, says international real estate consultancy Colliers, it will catch up fast and likely overtake the neighboring Houhai district.
Thanks to policy support for the special economic zone, which is attracting a surge of investment, Colliers believes Qianhai will benefit from near-term and longer-term trends in the coming years. (Read our primer on Qianhai to understand more.) Subsidies are currently generous, making rents here less than 70% of what they are in other districts, while infrastructure is being put in place that will soon make the district easier to access from the rest of the city. Continue reading Qianhai’s office rent seen catching up fast
Shenzhen has been raising the bar in the region’s “talent wars”, with competition growing steadily among the 11 GBA cities. Subsidies in the form of housing and tax-equalisation measures have been getting rolled out aggressively lately. The city’s academic leadership must be feeling the pressure, however, because now Shenzhen has set its sights on a few people at the very top of the academic food chain, offering eye-watering incentives to retain its brightest minds.
According to the city government’s announcement, 10 “training objects” with the potential to grow into the city’s “Class A talents” will be granted “training funds” of either RMB10 million, RMB15 million, or even RMB20 million, spread over a five-year period.
Although the awards will be given regardless of nationality or household registration status, there is a catch. They are for people already working full-time in Shenzhen, and should meet one of the following conditions:
- Previously presided over major national scientific research tasks;
- Experience leading national-level innovation bases or key discipline projects;
- Experience leading a high-level innovation team at or above the provincial level;
- Responsible for major breakthroughs in forward-looking basic research and original innovation;
- Contributed to leading-edge technologies, modern engineering technologies, and disruptive technologies.
The selection committee will focus on basic and applied research, especially in Shenzhen’s current and future areas of competitive advantage.
According to the guidelines, 50% of the “training funds” will be allocated upon signing with the balance paid after a mid-term evaluation. Needless to say, contracts will be designed to lock these bright minds into their employer for the full five years, during which time they will not be allowed to take outside work in the private sector.
The incentives will be launched on September 1, and will be granted every two years.
The Greater Bay Area’s long-running boom in commercial real estate is set to continue and expand beyond the main hubs of Shenzhen and Guangzhou, according to a latest report by international consultancy JLL.
This is despite a surge in supply coming onto the market, especially in Shenzhen, where the Grade A office market is expected to almost double, from around 7 million sqm this year to 14 million sqm over the next five years, according to JLL.
The bulk of cross-border real estate investments in the region to date have largely been restricted to Hong Kong, Guangzhou and Shenzhen. These three attracted 85% percent of the total since 2009, JLL says. However, the maturing of investments into the region’s transportation infrastructure will spread this flow to a wider catchment area going forward.
Guangzhou may have launched the country’s first 5G bus line back in May, but Shenzhen has not been far behind. It now has two routes running from the Lianhua Mountain Bus Terminal – No. 10 and No. 14 – offering a superfast 5G network to passengers on their daily commute through the city’s main business districts of Luohu and Futian. The lines are used by around 12,000 passengers per day on a fleet of 50 buses.
Download speeds inside the buses reach 1.5Gbps, allowing for movies to be downloaded in seconds. However, that is not the main attraction. The 10-meter compartments of these “smart buses” offer “immersive VR travel experiences” as well. With the help of exterior cameras, passengers can have aspects of scenery along the way projected onto the bus screens, with explanatory details included.
Needless to say, the buses also come equipped with onboard cameras running facial-recognition technology. This is being promoted by the bus company as an improvement on safety.
Mainland media are flush with news, analysis and commentary today about the State Council’s latest big plan for Shenzhen. Released over the weekend, the 4,000-character document is being spoken of in reverential terms, with some calling it an outline of Shenzhen’s mission to “complete” the so-called “China Model” or “Beijing Consensus” of economic and social development.
At first glance, the document does indeed carry some guidance that suggests Shenzhen has been chosen to lead the entire country in the next stage of its development. The reforms it has been tasked with are unique, and once implemented successfully, will be replicated across the rest of China. Chief of these is the exploration of “political change”.
Continue reading Shenzhen to be China’s ‘international city’
No one has yet created a real-life Babelfish, the brain-translation creature from the English classic, A Hitchhiker’s Guide to the Galaxy. But Alex Qin is determined to try.
Continue reading Timekettle Technologies: Breaking language barriers
Asset managers and enterprises from Shenzhen have been spearheading the growth of science and technology parks beyond the city, official data shows. At present, there are 210 industrial parks nationwide established by Shenzhen’s state-owned asset managers and enterprises, according to Shenzhen Special Zone Daily.
One of the main forces behind this expansion, Shum Yip Grop, has introduced a total of 17,275 enterprises into industrial parks across the country. These now include 179 listed companies, 19 of the world’s top 500 enterprises, and 50 incubators and entrepreneurial service institutions.
Although only 49 are science and technology industrial parks, their construction area (36.862 million square meters) accounts for more than half of the gross. Shenzhen is intending to strengthen its ability to acquire and allocate scientific and technological resources domestically and overseas and built highly-integrated industrial complexes in batches all over the world, the paper says.
Sadly, in the financial markets, there is little room for sentiment. While Hong Kong struggles to get its airport back into smooth operation after days of chaos caused by protesters, investors have been pumping up the shares of regional competitors likely to gain from an overflow of demand.
Continue reading HK airport woes focus attention on regional rivals
China is about to shake the global finance industry with its launch of the world’s first major sovereign e-currency. As it turns out, much of the research that went into development of the “digital Renminbi” has been taking place in the Greater Bay Area.
Continue reading Shenzhen plays key role in ‘Digital RMB’
Shenzhen is a pretty smart city already. Its public transport fleet is electric. It has AI surveillance systems to catch jaywalkers and speeders. It is home to Tencent and Huawei Technologies, and hundreds of other leading technology companies. But, like the kid with the pushy parents who sits near the front of class, Shenzhen is always looking for ways to get smarter. Which is why the city government this week launched an initiative to drag some of its leading state-owned enterprises into the digital era.
The initiative is being run by the Smart Cities Science and Technology Development Group Co., Ltd. And yes, it is a state-owned enterprise, fully funded by the city’s State-owned Assets Supervision and Administration Commission.
Continue reading Smart Cities Group launched in Shenzhen