{"id":3804,"date":"2019-08-07T08:29:38","date_gmt":"2019-08-07T08:29:38","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=3804"},"modified":"2021-06-04T14:35:43","modified_gmt":"2021-06-04T07:35:43","slug":"this-chinese-free-trade-zone-will-include-a-tesla-factory-town","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/this-chinese-free-trade-zone-will-include-a-tesla-factory-town\/","title":{"rendered":"This Chinese free trade zone will include the first Tesla Gigafactory outside the US"},"content":{"rendered":"<p>Shanghai FTZ to encompass newly reclaimed land home to the $2bn Gigafactory 3<\/p>\n<figure id=\"attachment_3805\" aria-describedby=\"caption-attachment-3805\" style=\"width: 1024px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"size-full wp-image-3805\" src=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/08\/Tesla-gigafactory-3.jpg\" alt=\"\" width=\"1024\" height=\"512\" srcset=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/08\/Tesla-gigafactory-3.jpg 1024w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/08\/Tesla-gigafactory-3-300x150.jpg 300w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/08\/Tesla-gigafactory-3-768x384.jpg 768w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-3805\" class=\"wp-caption-text\">Tesla Gigafactory Shanghai<\/figcaption><\/figure>\n<p>China is formally expanding the Shanghai Free-Trade Zone (FTZ) to encompass a newly reclaimed area housing an American-owned industrial project, the State Council announced Tuesday via the <a href=\"https:\/\/www.scmp.com\/economy\/china-economy\/article\/3021706\/china-doubles-size-shanghai-free-trade-zone-include-tesla\" target=\"_blank\" rel=\"noopener noreferrer\">South China Morning Post<\/a>.<\/p>\n<p>Lingang, a land reclamation in southeastern Shanghai, will benefit from a raft of tax incentives and duty waivers as the newest section of the FTZ.<\/p>\n<p>Tesla\u2019s first Gigafactory outside the US broke ground in the area in January. The American automaker&#8217;s social media posted new construction photos today of the electric vehicle (EV) factory, the first in China to be wholly owned by a foreign automaker.<\/p>\n<p>Chinese vice-commerce minister Wang Shouwen called the FTZ expansion an \u201cimportant step to demonstrate China\u2019s clear stand for all-round opening up\u201d and its \u201cactive role in guiding the healthy development of economic globalisation.\u201d<\/p>\n<p><a href=\"https:\/\/www.asiapropertyawards.com\/asia-embraces-the-brave-new-world-of-fintech\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>More: Asia embraces the brave new world of fintech<\/strong><\/a><\/p>\n<p>Duties will be deferred on certain shipments passing through the Lingang section of the FTZ. Shanghai vice-mayor Chen Yin also promised bonded or tax exemptions for international goods passing through customs areas of the area.<\/p>\n<p>A fenced section in Lingang will offer special tax policies on goods from abroad as well as products and services between companies in the area. For companies that engage in such high-tech industries as integrated circuits, artificial intelligence, biomedicine and civil aviation, Lingang will be offering reduced corporate income tax rates.<\/p>\n<p>Tesla is due to open the USD2-billion Gigafactory 3 this year. \u201cGiven Chinese customers bought well over a half-million mid-sized premium sedans last year, this market poses a strong long-term opportunity for Tesla,\u201d the carmaker said in a statement accompanying the release of its Q2 2019 financial results.<\/p>\n<p>The Chinese government has set aside a CNY100-billion (USD14 billion) special development fund luring top talent and infrastructure to Lingang over a five-year period, the Post noted.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shanghai FTZ to encompass newly reclaimed land home to the $2bn Gigafactory 3<\/p>\n","protected":false},"author":8,"featured_media":20222,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[78],"tags":[388,434,309,433,233,432],"class_list":["post-3804","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech","tag-commercial-real-estate","tag-free-trade","tag-industrial","tag-land-reclamation","tag-shanghai","tag-tesla","news_country-china","news_author-property-report"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>This Chinese free trade zone will include the first Tesla Gigafactory outside the US | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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