Shanghai will launch five office building projects in Pudong's Lujiazui, which will include Shangri-La Hotel's expansion project and a 70,000 square-meter Class A office building funded by GIC Real Estate from Singapore with US$42 million.
Local officials said seven more planned office projects are expected to start later this year. They involve an overall floor space of 640,000 square meters and 8.5 billion yuan (US$1 billion) in investment.
Lujiazui is now home to 128 Chinese and overseas financial institutions.
(Xinhua News Agency March 1, 2002)
