Culture, History, and Business
With a history spanning over 1,000 years, Shanghai developed at almost the same pace as China. Formerly a small agricultural village, the city grew as the nation’s chief trading port from 1644. Following the economic reforms of the early 20th century, Shanghai expanded to become one of Asia’s principal financial hubs and the busiest container port in the world.
Shanghai has a unique culture that is influenced by different cultures in China, Asia, and western countries. The city preserves its culture through customs, folk arts and crafts, celebrations, martial arts sports, and vintage collections. Shanghai residents also absorb and develop cultures from other countries through entertainment, sports, costumes, and foods. From its impressive Art Deco buildings to its contemporary theatres, Shanghai is full of thrilling cultural attractions. The Shanghai Grand Theatre is a regular home to the world’s prime orchestras, theatre companies, and dance troupes. Other attractions include the Shanghai Art Museum, the Shanghai Museum in People’s Square, and the Shanghai Propaganda and Art Center.
Apart from appealing culture and history, Shanghai also boasts a thriving business environment. The city’s GDP hit approximately 3.27 trillion yuan in 2018. This shows how much Shanghai contributes to China’s economy. The city’s economy is heavily supported by its industrial diversity and large population. Shanghai has become a popular destination for the headquarters of multinational companies. Some of the corporations based in the city include General Electric, Honeywell, ExxonMobil, and China Focus General Motors. Shanghai is also home to some of the biggest universities in the world like the prestigious Fudan University and the Shanghai Jiao Tong University. Together, they stabilize businesses in the area.
The Shanghai real estate market is one of the hottest in the world. The city’s high population means that there are numerous opportunities for investors to grab. As the headquarters of several corporations in the country and across the world, the market promises stable employment and, therefore, constant income from rental properties. Also, the high student population drawn by the presence of several higher education institutions in the area ensures that there’s a constant demand for housing in the city. Also, China’s taxation system favors investors. With zero tax on rented residential buildings and a 3% tax on sold property, investors can expect to reap the highest profits from the market. The high rental prices of ¥ 8,124 per one-bedroom apartment in the city are also appealing. Therefore, investing in Shanghai is one of the best decisions to make.