Two real estate developers - China Xingyue Group and Yinyi Group – built a new business center, pooling their strengths, in Lujiazui, an international financial hub in Shanghai, according to China Economic Herald.

It is Shanghai's answer to the nation's enthusiasm for entrepreneurship.

Xingyue is a Zhejiang-based enterprise ranked among China's top 500 privately-owned companies. It has 10 years' experience in developing office buildings in Shanghai.

Yinyi Group is one of China's top-500 companies, specializing high-end hotels.

Together the two built a 120,000-sqm building complex which combines office and residential space for Shanghai's young entrepreneurs, who often struggle with high property prices. The project is located at 1000 Lingshan Road, on the north side of Lujiazui.

The block comprises a business incubator, shared office spaces, and apartments.

Established brands of shared officing and incubating, domestic and abroad, will bring in a healthy environment for start-up teams to grow.

Shared office spaces appeal to new and emerging financial businesses and a group of financial institutions and investors have already moved into the dedicated office building.

In the future, more buildings will be assigned to shared offices according to industry or profession.

The apartments incorporate artful interior decoration and property management in partnership with International Youth Community, a Guangzhou-based chain hostel business founded by returnees.

The amenities include cafes, a communal canteen, creative food and beverages, gym, 24-hour groceries, library, presentation room, and saloon.

The saloon at the new incubator community in Lujiazui, Pudong New Area, Shanghai. [Photo from ceh.com.cn]

The project designers are also pondering a home for angel investors and venture capitalists.

The China Association for Science and Technology, Shanghai Technology Innovation Center, Pudong Library, and Pudong International Talent City all supported the project.

Several incubators and management companies have expressed interest in collaboration, including Shanghai-based STEP and People Squared, and 3W, Wozlla and Feimalv.com from other Chinese cities, and overseas brands such as Garagy Society, UNO Co-working Space and WeWork. And the project is carefully selecting its partners to provide the best service for start-ups and innovative businesses.

Educational institutions will send students to the project for real business practice, where they can access the market and learn from each other.

NYU Shanghai, Tongji University, Shanghai Theater Academy, East China Normal University, Tsinghua University and University of Southern California have all reached prospective cooperation agreements with the project.

Renmin University's alumni association in Shanghai has already joined the project.

 

Edited by Andrew Ancheta