Enterprises have slowed their development under the impact of the global financial tsunami. On March 16, the Shanghai Yu Gardens project, funded and developed by the Hong Kong Kingboard Chemical Group and the KunShan Guorui Real Estate Company, started to buck the economic trend at the regional headquarters of the Huaqiao International Service Business Park. Tang Naixin and Cheng Wenrong, deputy directors of the Administrative Committee of the Huaqiao Economic Development Zone, both took part in the project’s foundation-laying ceremony.

The Shanghai Yu Gardens, which involves an investment of about 60 million yuan, will cover 162,000 square meters and will include nine residential buildings. These buildings will range from 22 to 28 storeys high, each with 16 units, 5000 square meters of supporting commercial buildings, more than 1800 square meters of kindergarten space, about 800 square meters of clubs and management centers as well as underground parking lots that can accommodate more than 500 small vehicles. The project is planned to be completed and put into use in 2011. After completion, Shanghai Yu Gardens will provide high-quality living facilities for white collar workers at the regional headquarters of the business center.