Shinan district in Qingdao, East China's Shandong province, upgraded 10 old office buildings in 2021 and plans to transform another 15 in 2022 to attract more headquarters to settle in the district, Qingdao Daily reported.

Gold Plaza, which is located in the core business area of Qingdao, is expected to see more than a 20 percent growth in economic profit this year, as most of its upgrading project has been completed, according to Wang Chaojing, general manager of the Qingdao branch of Sinochem Asset Management Co, one of the building's owners.

The plaza was built at No 20 Xianggang Middle Road in 1999, with one floor underground and 25 floors above ground.

The upgrading of the building was launched in September 2020 and has costed more than 50 million yuan ($7.86 million), the most among old office building transformation projects in Qingdao so far.

The project mainly involves fire safety, an electricity network and smart building systems, which have not only enhanced the building's safety, comfort and environmental friendliness, but will also generate more economic profits.

Gold Plaza has lured China Pacific Insurance Co and Yingda Taihe Life Insurance Co to set up regional headquarters in it as a result of the upgrades, and its rent has significantly exceeded that of surrounding office buildings. In recent years, Shinan district has stepped up efforts to encourage the upgrading of old office buildings. Preferential policies and subsidies have been offered to projects such as parking lots transformation and new lunch services, aiming to create a better business environment.