Lujiazui formerly known as Lokatse from its pronunciation in Shanghainese, is a locality in Shanghai
, a peninsula formed by a bend in the Huangpu
River. Since the early 1990s, Lujiazui has been developed specifically as a new financial district of Shanghai. The decision to earmark Lujiazui for this purpose reflects its location: it is located on the east side of the Huangpu River in Pudong
, and sits directly across the river from the old financial and business district of the Bund.
Lujiazui is a national-level development zone designated by the government. In 2005 the State Council reaffirmed the positioning of the 31.78 km sq (12.27 sq mi) Lujiazui area as the only finance and trade zone among the 185 state-level development zones in mainland China
Lujiazui is located in the Pudong New District on the eastern bank of Huangpu River. It forms a peninsula on a bend of the Huangpu river, which turns from flowing north to flowing east. The importance of Lujiazui stems from the fact that it lies directly across the river from the Bund, the old financial and business district of Shanghai, and just south of the confluence of the Suzhou
Creek with the Huangpu River. Until the 1980s, Lujiazui was a relatively low-built area, featuring residential houses, warehouses, and factories.
Currently, there are more than 30 buildings over 25 stories high with commerce as their leading function, and over 504 domestic and overseas financial and insurance corporations located in Lujiazui. The success of Lujiazui in the past 20 years has fueled tourism and business related travel to Shanghai. Pictures of the Lujiazui skyline dominate Shanghai tourism materials, and there are 5 five-star hotels in the area, providing approximately 2,443 rooms, and three more five-star hotels are expected in the area in the coming years, adding more than 1,200 luxury units.