Porsche Finance Lease Co Ltd is set up in Lujiazui Financial District in Pudong, Shanghai on Sept 9, offering consultation and guarantee services for financial leasing. [Photo/Official WeChat account: gh_01c6f7b4cf3d]

Porsche invested 197 million yuan ($29 million) to set up its financial leasing company in Lujiazui Financial District in Pudong, Shanghai on Sept 9, according to a local news report.

Lujiazui is currently home to 214 financial leasing companies with total assets of more than 1 trillion yuan, accounting for one sixth of the national total. Among them, four made the list of China's top 10 companies, and five have total assets of more than 100 billion yuan.

In 2019, the total tax revenue of the district's financial leasing companies hit 5.59 billion yuan, nearly half of Shanghai's total financial leasing revenue.

Over the past several years, Lujiazui has focused on optimizing its business environment for the development of financial leasing, and a series of supportive measures have been introduced to complete its industrial ecosphere, aiming to make it a gathering place for financial leasing companies.

Local authorities said that Lujiazui has set up a professional platform to offer one-stop services to financial leasing companies operating in the district, and a talent service center was launched in the district to cultivate high-level talent.