Following the success of Lujiazui in its bid to be a premier financial hub, Shanghai's Hongkou district has embarked on an ambitious plan to become a center for the shipping industry.
The project, covering a total area of 3.66 sq km in the district, is better known as the North Bund, will include a complex comprising office buildings, hotels, shopping malls, and a 400,000 sq m cruise ship terminal that can accommodate four large ships at a time.
The first phase of the project that includes the cruise ship terminal was completed last August.
The second phase, which centers on the Shanghai International Shipping Service Center and consists of an office complex and various public amenities, is under construction and will be completed in stages during the next two years.
Preparation for the third phase involves considering whether to relocate the residents of large tenement blocks in the area.
In the planned location are some historical sites, including a pre-World War II Jewish settlement and the Xiahai Temple.
The Shanghai Hongkou district renovation project is under way. The district government has decided to build Hongkou into a shipping industrial center in three phases, and the second phase is planned to be completed during the next two years.