Page 23 - Sphere No.16 (Apr 2006)

SPHERE 21
THE WATERS OF China’s mightiest river, the Yangtse,
feed into the Pacific Ocean just outside the city of
Shanghai, ending a journey that begins some 6,300
kilometres away on the Tibetan plateau.
The river, the world’s third longest, after the Nile and Am-
azon, has always been a vitally important trade route, linking
disparate parts of the vast nation, and it is set to play an even
greater commercial role in the 21st century.
As the hinterlands on either side of theYangtse are devel-
oped, greater numbers of goods will be transported along
the river by freighter, destined for Shanghai-berthed con-
tainer ships that will carry them overseas to the hungry con-
sumer markets of the United States and Europe.
Already theYangtse estuary is a hive of waterborne activ-
ity; scurrying fishing vessels and weighed-down barges share
the same space as the mega-ships that plod slowly up the
Huangpu River, the waterway that bisects Shanghai, Pudong
to the east, the main downtown Puxi to the west.
Hutchison Port Holdings (HPH) is involved in the second
phase of that ambitious scheme.The company’s Director of
Ports, HenryWah, predicts that demand will surge for many
years to come, as increasing numbers of Yangtse-region fac-
tories are set up. The new port, when completed, should
seal Shanghai’s position as the world’s biggest and busiest.
“The potential of cargo source along the Yangtse is very
rich,” said Mr Wah. “The river is still undeveloped – labour
costs are low and resources are rich. You can compare it
to the growth of the Pearl River Delta and Hong Kong.The
Pearl River Delta and Hong Kong are middle-aged, while the
Yangtse and Shanghai are still very young.
“The deep-water port is a massive project. If you look by
satellite from space I am sure it will stand out, just like the
GreatWall or the pyramids.”
HPH has played a significant role in Shanghai’s rip-roaring
growth during the past decade, and is currently operating
three joint venture companies. Since the first joint venture
was signed back in 1993, growth of the Port of Shanghai
has been simply sensational; during that first year a million
Twenty Foot Equivalent Units (TEUs) passed through, while
last year the figure for the port had risen to 18 million.
Like many Shanghainese, Mr Wah, who was born in the
city and raised in Hong Kong before studying and working
overseas, is proud of the return to prosperity. During the
1920s and 1930s Shanghai was ranked in the same league as
London, NewYork and Paris.
During the subsequent years, Hong Kong and Singapore
pulled way ahead, a trend that is now being reversed.“Shang-
hai is coming back at a very fast pace,” said MrWah.
MEGA-PROJECT TAKES SHAPE
around the double-digit level for more
than a decade. Planes to the city – there
are up to 20 flights daily fromHong Kong
alone – carry foreign investors looking
for opportunities in the world’s largest
potential market place and tourists keen
to see what all the fuss is about.
Sophisticated entertainment
Restaurants and bars abound. Once-
derelict mansions and houses have been
revamped for contemporary usage as
Italian trattorias, American-style cock-
tail bars, Brazilian steakhouses, German
pubs, boutiques and exclusive member’s
only clubs. The action starts from early
evening onwards as the trendy crowd
come out to strut their stuff.
More sophisticated entertainment fare
can be found at places such as M on the
Bund, the restaurant opened six years
ago by Australian Michelle Garnaut.
Its expansive terrace is a hugely popu-
lar venue for cocktails, an ideal spot to
watch the sun sink over the always-bus-
tling Huangpu River.
“I find it astounding how sophisticated
people in Shanghai have become,” says
Ms Garnaut. “They all look like they have
walked out of a Louis Vuitton shop; they
have embraced all things western.”
Today, Shanghai’s profile is sky high,
much to the satisfaction of the 17 mil-
lion Shanghainese who enjoy basking
in the contemporary international spot-
light. Foreign residents such as Ameri-
can hotelier Mark DeCocinis are in awe
of the pace and extent of the modernisa-
tion drive.
“There is constant change in the city,”
says Mr DeCocinis, a senior executive
with an international hotel group. “If I
don’t go to one area of the city for a while
on my morning runs, I can guarantee the
next time I pass by it will have changed.
It is happening before your very eyes.
“It is positive, too. There is much more
parkland and greenery and the air quality
is improving. The infrastructure is good
and it has to be one of the safest cities in
the world. I run through the streets at
four in the morning and there are many
places where I would not do that. I feel
extremely safe.”