Hong Kong brokers to help develop 'Manhattan of PRD'
HK association to advise on how to attract overseas companies to invest in Qianhai
An association of Hong Kong stockbrokers has agreed to co-operate with the authority administering Qianhai - a 15 square kilometre special zone west of Shenzhen - to help develop the area into the "Manhattan of the Pearl River Delta".
The Hong Kong Securities Professionals Association signed an agreement with the Authority of the Qianhai Shenzhen-Hong Kong Modern Service Industry Co-operation Zone of Shenzhen on Monday for the two sides to work out proposals to attract Hong Kong and international financial firms to invest in Qianhai.
The association will submit a report to Qianhai next month.
"Qianhai wants to open up, but they do not know how to attract overseas firms," said Christopher Cheung Wah-fung, the legislator for the financial services sector.
"The association, after consultation with local financial firms, will give suggestions to Qianhai, urging it to introduce measures to allow Hong Kong brokers, insurers and banks to invest in Qianhai."
Since 2010, the Shenzhen government has aspired to turn Qianhai into the "Manhattan of the Pearl River Delta", with a target for the zone's gross domestic product of 150 billion yuan (HK$187 billion) by 2020.