AIA Financial Center, which will become the insurance company's first complex in the Chinese mainland combining office spaces, retailing, a theatre and a historical and cultural heritage, was officially launched in the North Bund in Northeast Shanghai's Hongkou district on Thursday.

The complex is expected to be completed in the first half of 2023. Most of the departments of AIA Life Insurance, which are now based in the insurer's office building at the Bund in central Shanghai, will be relocated to the new complex upon its completion.

Apart from a 180-meter premium Grade A office building, where AIA Life Insurance and many other financial and high-tech companies are expected to be based, the complex will also include a theatre able to accommodate 1,700 audience and the reconstructed former residence of Nie Er, the Chinese musician who composed the music for the Chinese national anthem.

The investment of the AIA Financial Center will not be more than 8.7 billion yuan ($1.3 billion). The insurer's policy reserves will be the source of investment.

The AIA Financial Center sits on the North Bund 89 Neighborhood project. The project's land use right was once owned by Shanghai Shisen Real Estate. On Dec 19, AIA Life Insurance acquired controlling stake in Shisen with 5.03 billion yuan, including the acquisition of the North Bund 89 Neighborhood project.

Zhang Xiaoyu, CEO of AIA Life Insurance, consideres this project "a milestone" for AIA's continued investment in China, as this has been the biggest acquisition ever since the firm was incorporated as the first wholly foreign-owned life insurance company in China in 2020.

"As China advances its high-level opening-up, AIA is confident to continue its investment in the country and seek leapfrogging development here. We will also make the most of the long-term and stable value of insurance capital to contribute to China's high quality economic growth," he said.

Lyu Ming, head of Hongkou district, said exploring more financial services is one of the focuses of the district in the next few years as it aims to upgrade its industrial chain and move up the value chain in the service sector.