Shanda, one of the leading Internet companies in China, announced today that it had obtained a license for establishing businesses in China (Shanghai) Pilot Free Trade Zone. The company will bring almost all the existing businesses there and is planning to establish a joint bank.
Shanda International Trade (not official translation) will be the body to operate businesses including online games, literature, video and animation. The film and animation production business will be added later.
According to Robert Chiu, president of Shanda, the company in the free trade zone will establish Internet financial services, saying there are three areas Shanda can tap into that include a joint bank, real estate investment trust fund and investment institution.
Shanda is one of the first enterprises that have obtained the licenses. The Shanghai Free Trade Zone will allow for easier foreign direct investment, more liberalized financial transactions, etc. It is reported that unrestricted Internet access will be available in the zone. (via TechWeb)