HONGKOU District yesterday unveiled a new financial hub in the North Bund area where former old residential communities are being transformed into upmarket office buildings and apartments for professionals.

The North Bund Financial Hub on the opposite of the Lujiazui financial area will cover one square kilometer near Suzhou Creek. It aims to become one of Shanghai’s three major financial hubs by 2020 following the Bund area in Huangpu District and Lujiazui in Pudong, the district government said.

Apart from office buildings to house financial enterprises, a “talents’ community” has been planned at the former residential neighborhoods. Old residential buildings are being demolished.