China has been in the midst of turning
Shanghai into a financial hub along the likes of New York and London. And
now, perhaps the biggest attractant for financial professionals has been
dropped—banker pay in mainland China is going way up.
According
to Bloomberg, the average pay for senior bankers in China will increase 42%
this year. The statistic is for China's capital, Beijing, but we imagine the
trend can be extended to Shanghai, where banking is flourishing even more.
But it turns out, the city is already pretty banker-friendly. The most populated city in China may, in fact, already be ready for a swatch of financiers.
Shanghai investment bankers can
make base
salaries of anywhere between $60,000 to $120,000.
That goes a long way in a city
as cheap
as Shanghai:
- A bottle of imported beer is less than $2
- A monthly pass on the subway is around $30
- A pack of cigarettes is less than $3
- A gym membership can be less than $30
- Renting a tennis court the weekend will cost you around $11/hour
- A 1-bedroom downtown apartment's rent is less than around $800
The come from everywhere from
Sydney to Berlin. Since China's economic boom began, many multi-national
companies (and some
Fortune 500s like Kraft and Walt Disney) decided to move their HQs to
Shanghai.
That has attracted more
foreigners to work for their home country's' brands. Check out sites like ShanghaiExpat.com and Shanghaiist.com to get the low-down on the
scene (and to check out their parties- like the one pictured
here).
AP
into joint venture project with Shanghai securities firms
- JPMorgan will own 33% of a firm started with First Capital Securities
- Morgan Stanley will own 33% of a firm it starts with Huaxin Securities
The agreement was made at the
beginning of this year.
A license to enter the Chinese market
had not been given to a U.S. bank in 6 years.
AGCS Marketing
According to The
Atlantic, Chinese companies are paying white Westerners in suits $1000
a week to be stay at fancy hotels and wine, dine and shake hands potential
clients/business associates. Apparently, an American company hires these fake
businessmen for Chinese companies to give them face. It's called "quality
control."
Mostly, these hires just hang out. One exec told Atlantic writer
Mitch Moxley that they needed him for one week a month and that he could sit in
the office and watch movies. Sometimes though, it gets complicated. One hire had
to give a speech on reducing carbon em missions for a California based
company.
The area is meant to put all Shanghai
area hedge funds in one place.
It's about 1.8 miles out of the city, and
it's in the shape of triangle (like Greenwich),
expect to see a lot of fellow
ex-pats and bankers around.
and you'll feel transported to Western Europe.
The neighborhood is full of great shopping, nightlife
and food... we hear Nepali Kitchen is quite delicious.
Shanghai is a melting pot, so
you can get any cuisine you might want there.
We recommend stylish M
on the Bund
(The Bund is Shanghai's historic district on the bank of the
Huangpu River).
Building heights are restricted in this district,so the fact that M on the bund is on the 7th floor
means that the view is quite nice (as you can see).
This one was in 2009, when everyone here in the states
was trying not to be "showy" or "ostentatious."
Source: Flickr, Jin
Sunmicro
- M1NT
- Barbarossa
- M2
- Club Love
- Babyface
- Horizen
- Mao
- The Mansion
Leo's Foundation- an organization that helps premature babies
with respiratory problems and supports Fudan Children's Hospital.
Guests enjoy a five course meal, wine, and 7 boxing matches.
Source: Double
Dragon Alliance
about 45 minutes (high speed) to 2 hours (light rail) from Shanghai via train.
Attractions:
- Beautiful villas,
- Delicious restaurants
- Temples and pagodas
- Xixi National Wetland Park
- Hangzhou Botanical Garden
- Hangzhou Zoo
