(Yicai Global) April 30 -- The Shanghai Free Trade Zone Lingang New Area will build about 600,000 square meters of commercial, cultural and entertainment facilities in the next three years to serve the hordes of newcomers who will settle there to work and live.

The free trade zone has previously announced plans to introduce more than 100,000 talents every year, The Paper reported yesterday. “The population [growth] here has great potential, with a total of 300,000 in new population in the next three years. So, we need to plan ahead,” Hu Yizhen, head of the commercial and cultural tourism department of the Lingang New Area Management Committee, said yesterday.

The Lingang New Area will also build business facilities, including 30,000 square meters of duty-free shops and 30 to 50 chain supermarket outlets, Hu said, adding the project currently under discussion also includes the introduction of high-end catering services such as Michelin restaurants.

"Only 320,000 sqm of commercial outlets currently operate within the 386 square kilometers of Lingang New Area, which still lacks large-scale commercial centers and stores. The business formats lack retail brands,” Hu added.

Lying in the city’s far southeast, Lingang became part of the Shanghai Pilot Free-Trade Zone in August. The area’s industrial policy is benchmarked with free-trade zones internationally recognized as the most competitive ones to facilitate investment and business with overseas. The zone boasts free movement of goods and flow of funds, highly open transport, and quick information connections. US electric carmaker Tesla's new Shanghai plant, which recently went into production, is located in the area.

The area’s management committee is formulating support policies for commercial development to spur the enthusiasm of market players and complement commercial allocation, Hu stated.

Lingang penned three key industrial projects totaling CNY7.9 billion (USD1.1 billion) in investment yesterday, involving artificial intelligence, integrated circuits, and new-generation information technology, per the report.

Editor: Ben Armour