Shinan district in coastal city Qingdao, Shandong province, has become a magnet for regional enterprises. Yan Zhendong / For China Daily
As Qingdao, a coastal city in East China's Shandong province, becomes more attractive as a base of operations for regional enterprises, the high-end commercial real estate market is flourishing in Shinan district, in the south of the city.
The market development is also driving a new boom in the service sector.
Responding to market demand for high-quality office space, Shinan has built 14 Class-5A buildings.
Class-5A buildings rank among the top in China in terms of scale and construction standards, and those in Shinan account for 70 percent of Qingdao's total.
"High-rises don't only mean high prices, but stand for high-quality facilities and services," said Fu Jingde, a sales director at the HNA Building, a tower located in the district.
Fu said the Class-5A buildings are all in prime locations, with higher standards for power supply, air-conditioning, intelligent systems, communications, security, parking systems and property management services.
"During rush periods, it doesn't take more than 30 seconds to wait for an elevator," he said.
With the upgrade of office buildings, international leading companies including Deutsche Bank, Standard Chartered, PwC, Jones Lang LaSalle, and Savills Aston Martin are setting up management offices in Shinan, which brings in high tax revenue for the government.
So far, there are 21,000 enterprises operating in the high-end office buildings in Shinan, of which the service sector accounts for 67 percent of the total. Twenty-four buildings in the district generate annual tax contributions of more than 100 million yuan ($15.3 million).
As skyscrapers become the city's new landmarks, Shinan is also becoming a favored destination for shoppers and visitors.
One example is the City Crossing Complex on Hong Kong Road, which opened at the end of August 2015. With investment of 20 billion yuan, it houses the Mixc Shopping Mall, as well as residential apartments and offices.
Sprawling across 450,000 square meters, the Mixc Mall saw an estimated 600,000 visits during its first four days of operation, with earnings of more than 50 million yuan.
High-end building projects in Shinan such as City Crossing and the HNA offer residents and office workers most things they need in daily life, including gourmet restaurants, fashion stores, fitness centers, cinemas, banks, supermarkets, spas and hair salons.
With five buildings in operation that tower more than 200 meters high, they are also redefining the city skyline and attracting tourists to both see the cityscape and explore the buildings.
To help building operators grow on a healthy track, the Shinan government has initiated a property management alliance that offers consultation on enhancing services, information exchanges and investment promotion.