Shanghai has reclaimed its title as Forbes Magazine‘s Best Chinese City for Business, after three years of ignominious languishing in second or even third place.
China Daily reports:
The city’s improved position comes as the competitiveness of export-oriented cities in South China declines amid the sluggish global recovery.
The survey, which was the ninth of its kind, ranked 100 cities, evaluating eight factors that could affect business strength, such as labor, transport, costs, innovation and the size of private economy.
Guangzhou and Shenzhen, which ranked first and second last year, gave up their leading positions to East China’s Shanghai and Hangzhou, reflecting the fact that Guangdong province has been hit hard by the country’s deteriorating foreign trade situation.
Jiangsu province has the largest number of cities in the rankings, with 18, followed by Shandong province with 13 and Zhejiang province with 12.
According to a Forbes survey, Suzhou was the most innovative city, overtaking Shenzhen for the first time, because of a significant increase in the number of patent applications and licenses there.
Suck it Shenzhen! (Disclaimer: I used to live in Suzhou).
In more good news for the local economy, Shanghai was the location of the year’s most expensive land deal, according to Bloomberg.
The 107,500-square-meter (1.2 million-square-foot) site near Shanghai South Railway station was sold yesterday for 5.4 billion yuan ($864 million), according to the local land reserve center. A group of four companies, led by China Vanke Co. (000002), the country’s biggest developer, and Shanghai Greenland Group Co., which is building China’s second-tallest tower, bought the site, said property broker Century 21 China Real Estate.
China’s land values started to recover in the second half as developers considered acquiring more land even as the government kept property curbs, including home purchase restrictions and a property tax in Shanghai and Chongqing. Average land prices rose 23 percent in November from a year earlier, according to SouFun Holdings Ltd. (SFUN), the country’s biggest real estate owner, which tracks 300 Chinese cities.