Phoenix Valley to become a new landmark and home of listed firms in Hangzhou

Apr 26 | Source: Hangzhou Daily/Edited by Shanghai Daily

An artist's rendition of Green Park Hangzhou, a main sector in Phoenix Valley according to the plan.

Phoenix Valley, designed as a new venue for listed companies, will be built in Hangzhou, according to a three-year action plan revealed at a work promotion conference yesterday.

The valley will be located at the intersection of Hongpu Road and Desheng Road, covering more than 17 hectares of land. The valley will become a new landmark for the eastern Hangzhou after completion.

Hangzhou municipal government released a guideline on implementing the Phoenix Plan on Monday. According to the plan, the number of listed domestic and foreign companies in the city will be increased to 235 by 2020 and key efforts will be focused on the listing of 100 enterprises.

Following the guideline, the Phoenix Valley will help at least 10 companies to get listed and the valley itself will house more than 100 listed companies by 2020.

It also sets out to cultivate a batch of promising enterprises that are exemplary in the smart industry.

Green Park, located in the core area of the valley, will be put into use in June and now it has already signed agreements with a number of unicorn companies for settling in the park.

Meanwhile a pre-IPO industrial park will be introduced to serve mainly mature enterprises in the Green Park.

To accelerate the construction of the Phoenix Valley, altogether 10 favorable policies have been launched. For non-local listed companies that plan to move into the valley with their tax sources, they will be granted a subsidy up to 5 million yuan (US$790,000). And the companies that finish the A round of financing will be awarded with 1 percent of the capital collected.

More details are under discussion.

More facilities are being built in the valley. A leisure park with a lake view will be built in the Jiuqiao commercial sector in the valley, turning it into a place suitable for both living and tourism.

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