As one of the representative national financial centres of the emerging economy, Shanghai maintained stable overall competitiveness. In the “2012 International Financial Centre” ranking, Shanghai remained at the 6th place following New York, London, Tokyo, Hong Kong and Singapore, all of which are developed international financial centres. Shanghai remained ahead of rapidly growing financial centres of emerging economies. During the Eleventh Five-Year Period, total transaction volume of the Shanghai financial market grew by 10 times. Ongoing improvement was seen in the financial institution system and growth momentum of enterprises was substantially strengthened. The number of financial institutions in Shanghai grew by 439 from the end of 2005 to 1,049.
With accelerating internationalisation, the Grade A office leasing market in Shanghai has regained momentum and demand for quality office projects picked up both at home and abroad. Situated at the prime location of commercial landmarks in Puxi, Shanghai Hong Kong New World Tower recorded an overall occupancy rate of 97% in its office building, together with satisfactory performance in rental rates during the year under review.
Renovation of the commercial portion of Shanghai Hong Kong New World Tower was in full swing. Upon completion, the brand new shopping mall will run under the brand name of K11, which will be the second commercial project of K11 in Mainland China following Wuhan K11 Gourmet Tower.