A spending night view of the commercial center of Hailing. [Photo/WeChat ID: hlfb0523]
The commercial real estate economy is said to be very robust in the Hailing district of Taizhou city – located in East China's Jiangsu province – thanks to the dynamic and preferential policies unveiled by the local government, local media reported recently.
That's been in the wake of the progress made over the past decade in the sector, which has adopted an emerging economic growth mode by increasingly and consistently developing business buildings for rent.
The district has strategically placed commerce and trade in an important position in its economic growth. By mobilizing all its available resources, it has managed to improve the vitality and competitiveness of local businesses to contribute to the city's economic development, officials said.
In recent years, local government has unveiled an array of preferential policies to make the commercial real estate economy in Hailing district even stronger.
One of these, for example, stipulates that those who rent a floor area of more than 100 square meters of office space – and at the same time pay annual taxes of more than 300,000 yuan to the district government – will be entitled to a rent subsidy for three consecutive years.
Since 2008, Taizhou Ze'ercheng Business Management Co has been based in Hailing for its business development. "We chose Hailing because we think its traffic is convenient and its business environment is attractive," said Chen Rong, a manager of the company.
With its thriving business development, Hailing has become home to many domestic and international brands such as Lawson, 7-Eleven and Dior – covering multiple businesses areas including restaurants, retail businesses and entertainment.
The added value of the tertiary industry in Hailing in 2022 is estimated to be 40 billion yuan ($5.7 billion), almost 2.4 times the amount in 2012, which came in at 16.73 billion yuan, according to official statistics.