But BNP didn't choose to open an office in Lujiazui because of the scenery. Government policy dictated the company's choice. The policies are working. Overall interest in Pudong is growing. An October survey of business leaders by Mori found confidence in the district's future has almost returned to 1996-97 levels, before the Asian financial crisis.
Rental rates reflect that change.
Last February, grade-A office space in Lujiazui's best buildings cost about 80 cents per square meter. Cindy Li, the hotel's communications manager, attributes the rise to growing recognition after conferences such as last year's Fortune Global Forum and to the more immediate likelihood of China's entry into the World Trade Organization. Local companies are contributing to Pudong's recovery. Even Pudong's lesser-quality office space is filling up, driven by local tenants. Pudong still has a ways to go before the government can declare the project a success.