(Yicai Global) Aug. 26 -- Many overseas companies and large state-owned enterprises are choosing to situate themselves in the lush surroundings of the area where Shanghai hosted the World Exposition in 2010.

Some 1,036 foreign firms have registered their business in the former World Expo zone, which lies along the south bank of the Huangpu river in Pudong district, Yicai Global learned at the Expo Area Multinational Corporation Investment Promotion Conference held yesterday.

Around 159 multinational companies have set up office in the New Bund Area of the old World Expo site so far, of which 25 are regional headquarters. They include six Fortune Global 500 companies such as Japanese financial services firm Mitsubishi UFJ Financial Group and German chemical giant Bayer.

The enterprises in the New Bund Area alone have contributed more than CNY20 billion (USD2.9 billion) since the first foreign company opened an office there in 2017, said Shi Yinhua, deputy director of the administrative committee of the World Expo area.

Twelve new projects with an investment of nearly CNY8 billion (USD1.2 billion) were signed at the conference yesterday. The offices of UK aerospace supplier GKN Aerospace and French environmental conservation company Veolia China Environment Services are expected to grow into new regional headquarters.

The administrative committee of the World Expo area is promoting the construction of a New Bund Global Economic Organization Cluster and is striving to attract more than 20 international economic organizations to settle here by 2025, Yicai Global learned.

A number of central government-owned enterprises that are major players in business sectors such as finance, international trade, energy and shipping have also moved their headquarters to the old Expo site. These include steel giant China Baowu Steel Group and airplane maker Commercial Aircraft Corporation of China, While 13 other state-backed companies such as electricity supplier China Huaneng Group has set up their regional headquarters there.

After more than a decade of development, the World Expo area has 74 completed buildings that are in use, with a floor area of 3.9 million square meters. Another 49 buildings with a floor area of 2.6 million square meters are under construction and are expected to come onto the market by 2025, according to official data.

Editors: Tang Shihua, Kim Taylor