On a late August evening, the setting sun spills over the ridge of Xiaoguishan Mountain, casting golden light across rows of red-brick buildings. Mr. Zhang, a 64-year-old retired power construction worker, strolls slowly along the wutong tree-lined avenue. In this familiar factory area, the surroundings have been transformed. Where machinery once roared, the workshop entrances now display the new signage of well-known financial institutions.
Xiaoguishan, located in the core of Wuchang's inner ring, gets its name from its turtle-like shape, distinguishing it from Guishan in Hanyang. In the 1970s, relying on the open and flat foothills of Xiaoguishan, a large industrial factory area was built. The PowerChina Hubei Electric Power Engineering Company's equipment production base was established here, sending batches of power equipment to major power infrastructure sites, laying a solid foundation for Hubei's power industry development.
As the city evolved and industrial structures upgraded, the once-bustling old factory area gradually fell silent in the new century. Local resident Mr. Liu recalls: after the factory was idle, the buildings were rented out piecemeal—some became auto repair shops, some turned into badminton courts, and others were filled with ceramic tiles, serving as building material warehouses. The factory roads were potholed and overgrown with weeds. "It flooded every time it rained; after heavy rain, the water mixed with yellow mud would submerge our ankles," Mr. Liu said.
Situated in a bustling area and backed by the rare ecological resources of Xiaoguishan, this state-owned land was inefficiently idle, becoming what locals called a "sleeping asset" that was "a waste to leave unused." "At that time, neighbors were all talking about how this place would be demolished sooner or later, and everyone thought it would definitely become a commercial housing complex," Mr. Liu admitted. No one expected that the factory would not be demolished but instead turned into a park.
In 2016, PowerChina Real Estate Group·Nanyang Real Estate Co., Ltd. took the lead in planning the park's transformation. At the first preparatory meeting, the team directly rejected the "one-time deal" path of real estate development. "Simply acquiring and selling land makes quick money but wipes out the city's industrial heritage and loses the space for long-term industrial development," recalled the project manager. The team decided to pursue a path of revitalizing existing assets and promoting industry-driven development.
However, a series of practical challenges emerged: how to position the industry, how to raise funds, and how to share risks. "At the time, no one was confident, so we went to learn from successful parks in Hangzhou and Shanghai. After returning, we held repeated discussions on how to build the park and attract industries, refining details late into the night," the project manager recalled. After modifying and debating over 20 different plans, the team unified their approach: focus on the financial industry. This path would align with the construction pace of the Central China Financial City and fully unlock the long-term value of this prime inner-ring location.
Finding the right track was only the first step. To truly revitalize the factory area, a cooperation mechanism that balanced the interests of all parties was needed. An innovative "three-capital integration" framework was established: the property owner, Hubei Electric Power First Engineering Company, contributed land and existing buildings as assets; the operator, PowerChina Real Estate Group·Nanyang Real Estate, provided full-chain professional resources in renovation, leasing, and operations; and Hubei Changchuang Industrial Investment Fund injected industrial capital. With asset backing, operational efficiency, and capital empowerment, the once-silent old factory was revitalized.
"Throughout the renovation, we avoided large-scale demolition, adhering to the principle of 'repairing the old as old, renewing functions,'" said the project manager. The original layout of the old factory and the red-brick exterior walls were preserved entirely. Buildings with ample ceiling height were expanded internally through mezzanine floors to add office space, while severely damaged structures were rebuilt to the original scale. During that period, Mr. Liu often stood on his balcony, watching the factory area gradually change: rows of red-brick workshops were repaired and renewed, the wutong trees along the roadside grew lush, and a striking red gantry crane stood out on the lawn... The old factory slowly transformed into a serene garden landscape.
On October 28, 2021, the park officially opened. With the Shanghai Stock Exchange's Central China base as a leading tenant, a group of top-tier financial institutions, including Lian Investment Capital, flocked in. Companies from upstream and downstream in the industry chain proactively sought entry, quickly creating a clustering effect. "Most of the companies in the park are financial firms. Strengthening interactions and connections not only helps build industrial cohesion but also creates opportunities for collaboration," said a representative from Lian Investment Capital.
"The occupancy rate is currently stable at 95%," the project manager noted. The park now hosts over 80 companies and institutions, forming four major financial industry clusters. It has accumulated over 1.5 billion yuan in taxes and has been selected as a Hubei Province Modern Service Industry Cluster Area. This idle old factory area, dormant for years, has grown into an industrial "gold mine" driving regional development.