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Loufeng Township Attracts Investment in Four Areas of Service Sector

In a briefing on investment in service sector on Sept. 17, Loufeng Township is getting a clear message across to potential investors in an effort to build the biggest business complex between the old city proper and Suzhou Industrial Park. The emphasis is laid on the four areas of large-scale markets, F&B and entertainment, leisure and holiday making, and convenient store services. Among the measures to attract investment are simplified approval procedures, excellent service, financial assistance, and preferential policies.

The largest township under SIP, Loufeng Township is developing rapidly in industrial economy and service industries. It has ranked first in many economic targets in 2004 among all townships of Jiangsu Province. In the nation-wide evaluation, Loufeng Township was awarded the titles of "No.1 township in comprehensive rural social and economic strength and external-oriented economy in Jiangsu" and "No.4 township in the thousand advanced townships of China". The service industries in Loufeng have kept head-on momentum of growth, consisting over 40% of its GDP last year, whic is far ahead of the surrounding areas.

The four major areas for development of service industry are defined as: 1) The large wholesale, retail, and procurement businesses along East Ring Road; 2) The F&B and entertainment business area at Fengyi Road and Cultural Center Square; 3) The vacation zones by Yangcheng and Dushu Lakes; and 4) The convenient stores and commercial backup facilities catering for Xietang, Chefang, and the Advanced Education Zone. To unfold the development campaign, the township will offer investors 150 mu of land parcel  along Xinghu Street and Old Airport Highway for real estate deveopment, the 16 mu for business facilities in the vicinity of Xinghu Street and the Advanced Education Zone. Renovation of the old street of Xietang and commercial streets of Chefang will be started up shortly. In total, over 400 mu of land with an area of 260,000 square meters will be available for investors in F&B, shopping centers, wholesale and procurement centers, leisure, fitness gym, and tourist items, hotels, and deluxe apartment houses. Large-scale service items will be supplemented by small and medium-sized service facilities like convenient stores, retails shops, restaurants, and community services.

At the briefing, investment agreements were signed by Lingyang Intertainment, CRC Wanjia, No.1 Hardware, and other companies. The leisure and entertainment project by Lingyang Company will be located on the northern side of Shuangyang Road of Loufeng and be opened in April next year. The CRC supermarket, over 800 sq.m. in area on Lianhua Street, Xietang, is planned to open at the beginning of next year. The SIP Hardware Store built by No.1 Hardware, located at Meishun Hardware & Electrical Machinery Plaza, will start business this month as wholesaler and retailer of hardware, chemicals, transport and electric appliances and machinery.

Sept. 18, 2005

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