Word: mainlanders
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...reason for the migration: rents in the city are running roughly $3 to $11 U.S. per sq. ft. But much more important are the clear signals coming from Beijing that anyone wanting to do serious big business with the communist government had better be prepared to shift to the mainland metropolis. Chinese President Jiang Zemin's national government has been a major exponent of Shanghai's new Pudong economic center, some 135 sq. mi. of former marshland that is the transplanted economic heart of the new Shanghai. Having invested around $185 billion in Shanghai's renaissance, China's rulers clearly...
This is an ominous sign for Hong Kong, a city of 7 million that was long viewed as the gateway to the communist mainland. But since the takeover of Hong Kong by China in 1997, more and more multinational corporations have seen the calligraphy on the wall. AIA Insurance, an American insurance company, moved its China headquarters to Shanghai last year; Philips Electronics did the same in April; and HSBC Group, the banking complex, followed in May. Dozens of other companies plan to make the jump soon, according to a survey by the American Chamber of Commerce in Hong Kong...
...Coca-Cola Co. for the past 14 years, sometimes feels a bit like a man adrift on a shrinking piece of pack ice. As corporate-affairs director for Coke's Chinese operations, he has been busy lately helping the company move its local headquarters from Hong Kong to the mainland powerhouse of Shanghai. Now that the move is complete, he and six other staff members are all that are left of a former complement of 140 people. In Shanghai, by contrast, Coke's staff will have jumped to a 1 million-sq.-ft., seven-story building on the Huangpu River...
That won't be enough to bring Shanghai up to Hong Kong's speed though. Before Shanghai can become a world-class financial center, it will need a fully convertible currency, and there's still no indication when China intends to make its renminbi a truly international instrument. Mainland China lacks a reliable legal system and widespread use of the English language, both mainstays of international commerce. Hence many multinationals are hedging their bets. China operations may be moving to Shanghai, but companies like Coca-Cola and Philips have kept their formal Asia-Pacific headquarters in Hong Kong. That...
...search for perfection, he'll travel hundreds of kilometers to find the ideal backdrop for each scene. Before the shoot in Heng-dian, the 300-strong crew crisscrossed mainland China from Dunhuang in the northwest of Gansu province to Jiuzhaigou in northern Sichuan. Last year, the company dropped everything to head for an ancient oak grove in Inner Mongolia to shoot a fight scene between Cheung and Zhang Ziyi at the height of the fall foliage. "I had a guy out there specifically to keep an eye on the leaves," says Zhang. "He made videotapes of their progress as they...