The construction of German multinational ProMinent's Shanghai headquarters and research and development base in the Lin-gang Special Area – located in East China's Shanghai city – commenced on July 28.

The 389-million-yuan ($54.44 million) facility represents the largest single investment by the company.

A design rendering of German multinational ProMinent's Shanghai headquarters and R&D base in the Lin-gang Special Area in Shanghai. [Photo/WeChat ID: shlgguanweihui]

The project will support ProMinent's growth in the Chinese market and the expansion of its business around the world, as well as leveraging Lin-gang's favorable business environment and innovative system to establish the group's global supply chain management center, manufacturing center, and R&D center.

The facility, which is expected to make up 15 percent of ProMinent's global production capacity, will be completed by the end of 2024. Production is slated to begin in 2028.

ProMinent said it needed just five working days to go from the land acquisition stage to the commencement of construction. This was made possible by the efforts of local authorities to streamline approval processes and provide comprehensive convenience for enterprises at all stages of operation.

Such efforts have also resulted in a significant growth in foreign investment. From January to May, 244 new foreign-invested enterprises were set up in the area.