The Xiangmihu area in Futian District, once home to a holiday resort that housed China's largest amusement park, is set to be transformed into a new financial hub for Shenzhen. With key projects scheduled for completion next year, this will be a significant milestone in the district's development, according to remarks made by Zhou Jiangtao, head of Futian District, during a call-in radio program Tuesday.
The Xiangmihu New Financial Center, with a planned area of 4.9 square kilometers, will benchmark against the City of London — London's historic financial district — and the Manhattan financial district in New York City. The project is committed to becoming Shenzhen's "new urban living room" and new financial center, according to Yuan Ying, deputy head of Futian District last week.
The area will become a hub for financial headquarters, international wealth management, innovative capital, and featured finance, providing over 2.7 million square meters of space for industrial development. Nine Metro lines and eight stations will service the area.
Construction of the Shenzhen International Exchange Center in the area's northern section and the Shenzhen Financial Culture Center in the central section will be completed by the end of 2025. The International Performing Arts Center is scheduled for completion at the end of 2026. The area's southern section will eventually feature a sports and leisure park.
Upon completion, the Shenzhen International Exchange Center's high-end facilities will host international summits, international exchange activities, and large business conferences and gatherings.
The Xiangmihu area, once a reservoir, was transformed into a holiday resort in 1981, becoming the largest and most comprehensive resort in the country at that time. It offered an array of services, including dining, lodging, transportation, sightseeing, shopping, and entertainment.
The Xiangmihu China Amusement City, a joint venture between the Thai Charoen Pokphand Group and the Shenzhen Special Economic Zone Development Group, was opened in 1985. At the time, it was the largest amusement park in Southeast Asia. However, due to poor management, the park ceased operations in 2011. Renovations officially commenced in the area in 2019.