Beijing’s Tongzhou – growth on the horizonNovember 18, 2019 / By
On the eastern edge of Beijing, Tongzhou is approaching the fast track to growth. With a total of 7 million sqm of prime new commercial real estate supply planned, the area is well on its way to developing as the sub-centre of the city.
Some four years after the official announcement in 2015 that Tongzhou would serve as the sub-centre of Beijing, the area has welcomed its first wave of newly built office towers – with more on the way – attracting investment interest from at home and abroad.
Investors driving future growth
The market has already secured the backing of major stakeholders, including several domestic banks that have purchased office buildings for self-use. Bank of China, China Postal Savings Bank, and Industrial and Commercial Bank of China are among those banking on the future growth of Tongzhou.
Confidence in the future of the area is further echoed by high-profile domestic developers who are actively pursuing opportunities in Tongzhou. As activity continues into the horizon, we can expect development in the area to pick up and intensify.
Projects to serve incoming demand
Among the new office, retail, and apartment buildings in the commercial area covering an expanse of 155 square kilometres will be the fourth-tallest office building in Beijing: New Everbright Centre is set to be the tallest and most iconic in Tongzhou at a height of around 300 metres.
As demand is gradually dispersed from the over-crowded city centre, Tongzhou is expected to receive non-capital functions – following the relocation of the Beijing municipal government to the area, which started in early 2019. Universal Studios employees have also started to move to the area, contributing to retail and residential demand as staff prepare for the grand park opening in early 2021.
Infrastructure boost to benefit area
The build-up of infrastructure in the area will play an integral role in expediting development and facilitating traffic. The largest transportation hub in Beijing will be located in Tongzhou – linking metro, rail, and high-speed rail lines in a mega-station covering an area of 100,000 square metres. With connections to and from Beijing South Railway Station and Beijing West Railway Station, the transport hub is also planned to eventually link Tongzhou directly to Xiong’an New Area.
For metro commuters, in addition to the existing Line 6 metro linking Tongzhou to the city centre, the S6 metro line will also connect Tongzhou to both city airports, while a designated metro loop in the area will provide a direct link to Universal Studios via a Line 7 connection by end-2020.
Following initial investment into the area and as infrastructure is gradually built up, Tongzhou is expected to remain steadily on the path to development.
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