District neighboring Hong Kong attracts global investment for commerce, trade, and cultural tourism

SHENZHEN, China, Dec. 10, 2024 /PRNewswire/ -- Luohu district of Shenzhen, an economic powerhouse in South China, signed a total investment of 62.1 billion yuan (US$8.5 billion) at the 2024 Shenzhen Global Investment Promotion Conference held on December 9.

The district, which has three land ports connecting with Hong Kong, continues to attract foreign investment by offering a range of opportunities in terms of policies, space, fund support, and government services.

At the beginning of this year, the district government outlined a three-year action plan to develop Luohu into a core area of the international consumption center, establishing it as a global hub for buying and selling trends.

In a proactive effort to attract both domestic and international chain enterprises to establish their inaugural branch outlets, debut their latest products, and host premier showcase events in Luohu, the district government announced during the promotional conference that it would provide rewards of up to 1 million yuan.

Commercial operating entities can also receive rewards of up to 3 million yuan as a result.

Furthermore, the district government encourages business model upgrades or renovations by offering subsidies of up to 10 million yuan.

Luohu has been one of the most popular destinations in the city for commercial entities, with 37 flagship stores established since the beginning of this year, including 10 first stores nationwide. These include the first IKEA Home Furnishing Design Center in China, the first Shafrat MixC World store and the first Four Seas Snack Story store in Shenzhen, featuring international brands like L'ECLAIR DE GENIE and the VALMONT flagship store.

Chen Xiaojun, director of the Luohu District Bureau of Commerce, stated that the district plans to invest close to 2 billion yuan in revitalizing and enhancing its commercial districts, aiming to complete the upgrade of five key commercial zones by early 2026.

By that time, Luohu will have developed two unique nighttime consumer experiences, introduced four immersive consumer settings, attracted prestigious international brands, Michelin-starred dining establishments, and sought-after Chinese labels. The initiative will also see the establishment of over 100 flagship or concept stores and the addition of more than 500,000 square meters of upscale commercial spaces.

In addition to enhancing its focus on consumption, Luohu is actively fostering its tourism industry to position the district as a premier destination for residents of the Guangdong-Hong Kong-Macao Greater Bay Area seeking weekend getaways.

Significant progress has been made in promoting low-altitude tourism through the establishment of the region's first urban aerial sightseeing operation center, located within the Luohu Sports and Leisure Park.

Scheduled for a trial launch in mid-December, this center will enable unmanned aerial vehicles to transport visitors for panoramic views of Wutong Mountain, the tallest peak in Shenzhen, as well as the captivating cityscape.

Zuo Jinping, the district chief of Luohu, stated, "Luohu offers boundless opportunities, untapped potential, and ample room for innovation. We extend a warm invitation to all to invest and thrive in our dynamic district."

In a city facing land scarcity, Luohu has strategically designated four sizable land parcels totaling 133 hectares for industrial and commercial use to attract investments both domestically and internationally. Despite Shenzhen's population exceeding 20 million, its land area remains limited at around 2,000 square kilometers.

Zuo highlighted that Luohu is strategically aligning itself with the "2+2+N" framework for emerging industries, emphasizing artificial intelligence and life sciences as the primary sectors, while earmarking low-altitude aerospace and cellular genetics as the industries of the future. These sectors are all poised for global investment opportunities.