Chengdu’s Investment Update: November 5

Monday, November 5, 2007 18:52

for those who have been following the updates from Chengdu, you should be seeing some trends. Large investments in infrastructure, consumer brands moving into the area, and lots of conventions…

HSBC Bank opened its first subbranch in Chengdu
On October 15, the first subbranch of HSBC Bank in Chengdu was opened to public, bringing for the first time its global financial management brand HSBC Premier to Chengdu residents.

China Metallurgical Group invested in Chengdu to build a manufacturing base for mine equipment
It was learned on October 15 from China Metallurgical Group Corp. that its subsidiary MCG Shijiu Construction Co., ltd recently has officially reached agreement with Qingbaijiang district government to invest in the Chengdu Metallurgical Machinery Manufactory project in the district.

It is reported that the project which has an area of 103mu and planned investment of RMB 120 million is to be built into a manufacturing base mainly for complete-set mine equipments. The construction will last one year, and its annual output value is estimated to reach RMB 150 to 200 million after full production being met.

“Port at front door”, Chengdu companies to enjoy facility
On October 17, seven customhouses of Fuzhou, Xiamen, Chongqing, Chengdu, Xi’an, Lanzhou and Xining signed in Xiamen the Coordinated Measures for Reform and Connection of Regional Customs, which is an important move of the seven customhouses joining hands to push the customs reform in order to facilitate companies in central and west China to reach marine outfalls in the East. The co-signing of the Coordinated Measure by the seven customhouses will spread the facile mode of “declaring at home, passing in port” to central and western regions, which may help companies in these regions declare at home and pass their goods in and out at Xiamen harbor which has dense international flights.

World’s largest fiberglass production base started construction in Chengdu
After the investment of nearly RMB 2 billion in the first, second and third production projects in Qingbaijiang district, Zhejiang Jushi Group decided to add RMB 6 billion to build a 500,000-ton fiberglass new material base in Qingbaijing district of Chengdu, of which, an extension program of the 60,000-ton tank furnace drawing fiberglass production line started construction on October 20. It is reported that the investment-added project will be built into the world’s largest fiberglass production base.

58th Medical Equipment fair held in Chengdu
On October 24 to 27, Asia Pacific’s biggest and most influential specialized exhibition – the 58th China International Medical Equipment Autumn Fair and 5th China International Medical Equipment Design and Manufacturing Technology Exhibition were held in Chengdu. It is learned that the fair has exhibition area of over 88,000 km2 and over 2000 exhibitors from 17 countries and regions have participated, exhibiting products of over ten thousands in more than 40 varieties.

Chengdu City Commercial Bank introduced its first overseas strategic partner
On October 25, Chengdu City Commercial Bank successfully introduced Malaysian Hong Leong Bank as its overseas strategic partner. It is reported that Hong Leong Bank will infuse RMB 1.95 billion into Chengdu City Commercial Bank, which is to own 19.99% of the latter’s total capital shares after its capital increase and share expansion being finished.

Express delivery giant TNT to launch direct marketing business in Chengdu
TNT Direct Marketing Services (Shanghai) Company Ltd., subsidiary to TNT Post Group which is one of four global express delivery giants, announced on October 25 that it will launch direct marketing business in Chengdu, mainly targeting financial sector clients such as banks and insurance companies.

It is revealed that so far TNT has operated such service only in Shanghai, Beijing, Guangzhou and Chengdu. The reason to have chosen Chengdu is because Chengdu can radiate the whole southwest China and its business boom has attracted the settling of a great majority of commercial services companies.

Johnson & Johnson southwest production base for maternity and childhood products settled in Chengdu
On October 26, Taiwan Kang Na Hsiung Enterprise Co., Ltd and Chengdu Cross-Strait Technological Industry Park held a grand signing ceremony, which marked the formal settling of Johnson & Johnson Maternity and Childhood Production Base and its distribution center in Chengdu.

Produce export to be more facilitated, Chengdu is expected to open cargo airline to USA next year

It was learned on October 27 from the Chengdu Modern Agriculture Logistics seminar that Chengdu is expected to open a cargo airline to the US next year. By then, Chengdu’s fresh farm products could be exported more conveniently and quickly. As introduced by the head of Logistics Department of Chengdu transportation commission, Chengdu will attract solid companies from both home and overseas to build high standard and modern fresh-keeping storehouses, air-conditioned cold stores and freezers, etc., and encourage leading industrialized agricultural companies and large-scale agricultural wholesalers to transform into specialized and modernized logistic companies.

Two joint-venture life insurance companies came in Chengdu
It was learned on October 28 from Sichuan Bureau of China Insurance Regulatory Commission that the commission has approved Heng An Standard Life Insurance Company Ltd and CIGNA&CMC Life Insurance Co. Ltd to set up Sichuan branches in Chengdu, which are expected to open at the end of the year or early next year. By then Chengdu will have 6 co-invested life insurance companies.

First Agricultural Fair completed
On October 29, the first China Chengdu International Agriculture Fair which last 4 days was concluded successfully at Longquan Juhe (International) Agro-products Distribution Center. According to the statistics, 485 well-known companies from more than 20 countries and regions have exhibited at the fair, which represent various fields from agro production and processing, packaging and marketing to engineering machinery; the fair has welcomed 233,000 visitors, and achieved on-spot transactions of RMB 53.403 million and agreement capital of RMB 15.25 billion, of which 202 agreements were signed on the spot, totaling RMB 1.3 billion, and trade contracts of RMB 790 million.

Ninth Sichuan Television Festival lowered the curtain
On October 30, the 2007 (Ninth) Sichuan Television Festival sponsored by the State Administration of Radio, Film and Television and Sichuan Provincial People’s Government was concluded smoothly. The festival around the theme of “Television influences life” has organized over 20 activities of 9 categories, including International “Gold Panda” Awards Appraisal for Documentary and International “Gold Panda” Awards for Animation, International TV Program Market, International Audiovisual Equipment Market and “Gold Panda” Digital Animation Exposition, which has attracted the participation of several thousand organizations and companies from more than 49 countries and regions, as well as the presence of over 5,000 guests and the partaking of over one hundred thousand people. During the three days, intentional agreements of over RMB 890 million have been reached in various transaction activities, up 60% over the previous festival, hitting a historical record.

Hsu Fu Chi’s West China’s first production base settled in Chengdu
On October 15, Hsu Fu Chi International Group’s Dongguan subsidiary revealed its expansion plan in China, in which the location for its factory and distribution base in West China is chosen in Chengdu.

It is reported that the Chengdu production base currently under construction is located in Longquan Economic Development Zone, with investment of RMB 60 million and covering an area of 43,000 km2. Upon completion, it will have 3-4 food plants to primarily make pastry and candy adapted to Sichuan locals’ taste. The factory is expected to be finished and put into operation at the end of next year, whose annual output may reach 11,000 tons by then. In addition, the base also contains a distribution center, which is Hse Fu Chi’s third base after Shanghai’s and Shenyang’s, ensuring the transportation and distribution of its goods for the whole western region.


Chengdu to fly directly to Manila next month

It was learned on October 18 from Chengdu municipal commission of transportation that the opening of the Chengdu-Manila direct airline has already been approved by the State Administration of Civil Aviation. Starting from next month, the direct flight from Chengdu to Philippine capital Manila will be operated, twice per week for the time being.

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5 Responses to “Chengdu’s Investment Update: November 5”

  1. Chris Devonshire-Ellis says:

    November 7th, 2007 at 9:37 am

    We are setting up in Chengdu in Q3 next year, and relocating, of all people, our incumbent Shanghai Regional Manager to head the Chengdu office up. “Shanghai is for kids” he says, “Sichuan and the West is where to go if you really want a China career”. He’s German, so prone to excessive statements over expanding, but he has a point. And to be frank, if I was going to start all over again in China that’s where I would head to. West China is the new frontier, and thats where the new opportunities – and fun – are to be had. Shanghai eat your heart out. Chengdu is more attractive.

  2. mapp says:

    November 14th, 2007 at 8:59 am

    About this article, can you share which airline will fly direct Manila-Chengdu and is it on track to open next month? Thanks a million!

    ++++++++++++
    Chengdu to fly directly to Manila next month
    It was learned on October 18 from Chengdu municipal commission of transportation that the opening of the Chengdu-Manila direct airline has already been approved by the State Administration of Civil Aviation. Starting from next month, the direct flight from Chengdu to Philippine capital Manila will be operated, twice per week for the time being.

  3. Rich says:

    November 14th, 2007 at 7:59 pm

    Mapp,

    Here is what my friend in Chengdu had to say:

    The non-stop direct flight from Chengdu to Manila will probably be opened early next year. Philippine Airlines will be the service provider.

    By the way, I would also like to provide the following information:

    By the time of now, Chendgu has opened 5 international non-stop direct flights to Bangkok, Phnom Penh, Singapore, Seoul, Amsterdam.

    t is scheduled that by 2011, Chengdu will open 8 more international non-stop direct flights to: Helsinki, Paris (or Frankfort), LA (or San Francisco), Vancouver, Tokyo, Manila, Delhi (or Banglore), Dubai (or Doha), among which the flight to LA (or San Francisco) is scheduled to be opened during 2008 to 2009.

    Hope the information will be a help.

  4. Issa says:

    March 14th, 2008 at 12:56 am

    Hi there. Philippine Airlines will fly Manila-Chengdu Tuesdays and Fridays beginning March 18, departing Manila at 1010H, arriving 1350; Chengdu-Manila flies same days departing Chengdu at 1330H, arriving Manila 1845H.

    Fly Philippine Airlines… Direct services to Chengdu!

  5. Rich says:

    March 14th, 2008 at 2:38 am

    Thanks Issa.

    Send us some pictures from the inagural flight, and I promist to post on All Roads.

    How about an All Roads frequent flier card and discount program too 🙂

    R