Economic Regulations and Serviced Housing Program Boost Tianjin CBD
The Binhai Central Business District continues its growth as developers have noticed a new need and filling it.
By Alex Girda, Associate Editor
Tianjin, China—The Binhai Central Business District continues its growth as developers have noticed a new need and filling it. The CBD’s Human Resources Bureau provided funds for the development of a new serviced housing program, one that hopes to accommodate the large amount of new talent coming to companies that reside in the area.
The current phase of the plan will cover the entire year and aims to designate up to 500 apartments in the area, across various properties as serviced housing. The units that will enter the program will be divided into two categories: elite and refined. As the project continues to develop, Phase Two will see entire buildings be designated as serviced apartments. Depending on the success of the program, the measure will be the one to kickstart a campaign of more economic liberalization, ranging to other areas of the country.
The Tianjin Binhai CBD’s current importance is paramount to the area so much so, that the central government recently announced a new FTZ in Tianjin, incorporating the Binhai CBD. The free trade zone allows for the manipulation and modification of goods, without the intervention of customs authorities. This, combined with the integration of the CBD with the nearby Chinese capital, is driving growth and property prices in the area.
The recently inaugurated intercity high-speed rail line means that the trip to Binhai from Beijing has been cut down to three quarters of an hour. This allows professionals to commute to the growing CBD, as well as allowing those working in Beijing access to lower-priced housing.
