HSBC opens China headquarters

MANILA, Philippines - Hongkong and Shanghai Banking Corp. (HSBC) has opened its new China headquarters in the HSBC Building, part of the landmark Shanghai commercial complex at the heart of Shanghai’s financial district. The bank likewise opened its 100th outlet in mainland China, the largest network of any international bank in China, with a new HSBC Premier Centre at Ciro’s Plaza in Shanghai. HSBC Bank (China) Co. Ltd. will occupy 22 floors of the 53-storey HSBC Building, with a gross floor area of over 58,500 square meters and capacity for more than 4,000 people. The building has been pre-approved for Leadership in Energy and Environmental Design (LEED) Gold Certification, an international standard for environmentally-friendly construction, reflecting the importance that HSBC places on corporate sustainability. China’s gross domestic product is expected to grow five times faster than that of the developed world this year, and some projections suggest that China could become the world’s largest economy by the end of this decade. In addition to becoming the world’s largest exporter, China is seeing rapid growth in the number of middle and mass affluent consumers. The number of millionaires in mainland China is forecast to double to 800,000 within four years.