The bank says it sees ‘huge potential for economic and trade cooperation between Guangdong and Hong Kong’,
HSBC Holdings unveiled a 25-storey office tower in Shenzhen’s Qianhai economic zone, presenting it as a cornerstone of the bank’s commitment to the development of the Greater Bay Area.
The HyQ tower, in the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone, is the bank’s first wholly owned building in southern China and involved an investment of more than 4 billion yuan (US$550 million). HSBC bought the building from New World Development in 2021 for 3.2 billion yuan.
The building is home to HSBC China’s Shenzhen branch, HSBC Qianhai Securities and HSBC Software Development Guangdong, a fintech centre. The bank said the tower would be a nerve centre to propel business growth in the Greater Bay Area, a collection of southern mainland cities – along with Hong Kong and Macau – that Beijing would like to be a globally competitive economic zone by 2035.
Source: SCMP
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