Weifang is a third-tier city located in the province of Shandong, China’s second-most populous province with around 94 million residents.
Shandong is rich in marine resources. Its offshore area makes up 37% of the total surface area of the Bohai and Yellow Seas, with a shoal area accounting for 15% of the nation’s total. There are some 260 species of fish and prawn in Shandong’s waters, including more than 40 major cash species of fish and 100 species of shellfish. Shandong leads the country in the production of prawn, shellfish, abalone, sea slugs and urchins.
As one of China’s four major salt producers, Shandong also boasts many large and medium-sized salt works.
The province is one of China’s important producers of fossil fuels. Shandong’s Shengli Oilfield is the second largest of its kind in the country. A major portion of the Zhongyuan oilfield is also on on its territory. The crude oil produced in Shandong makes up one-third of the nation’s total. The province has 50,000 sq km of coalfields, and its Yanteng Coal Mine is one of the nation’s ten major coal production bases. The province also has a rich electrical infrastructure. The Shandong power network is the only one of the country’s six major power networks to be operated separately, on a provincial basis.
Within the province of Shandong, Weifang is one of the most important cities with a population of 8.5 million people. Weifang is an important agricultural area, but also has a strong industrial base. Furthermore, the city is well-located for access to Korea and Japan, two major export markets.
The rate of urbanisation in Shandong lies below the average for eastern coastal provinces at 48 percent. With governmental focus in China shifting away from first-tier cities and towards second and third-tier cities, Weifang will be subject to an influx of people, ensuring a demand-driven (rather than a speculation-driven) property market. With a strong focus on urban renewal and economic development, many opportunities arise for property developers, especially those with an operational history in the area as Euro Asia enjoys through its ties with SNI.