上城资本集团

Shangcheng Capital Group (上城资本集团), formally established on 9 December 2021, is the state-owned capital operation platform of Hangzhou’s Shangcheng District. Rated AAA at the district level, the group functions as an integrated urban developer and investment arm, deploying and managing state capital and other resources on behalf of the district government. Its activities include equity investment and the operation of real-estate and infrastructure assets, with consolidated assets reported at more than RMB 190 billion by the end of 2024.