The Baishaquan M&A Block opens in Hangzhou, Zhejiang province on Oct 10. [Photo/zjol.com.cn]

Zhejiang opened its first block accommodating companies and institutes specializing in merger and acquisition in Baishanquan, Hangzhou on Oct 10.

Based on the realities of the province, the block is going to gather M&A professionals and agencies to better serve Zhejiang's transformation and upgrading of its industrial structure.

The opening ceremony of Baishanquan M&A Block attracted more than 1,700 industry insiders from around the globe and organized discussions on the development of M&A.

The block, located in the famous West Lake scenic area, has a total of 185 office buildings. According to Liu Ying, vice Party secretary of Xihu district in Hangzhou, a group of financial institutes and listed companies like ORIX Corporation and Zhejiang Energy Group have been stationed, including 174 registered enterprises operating more than 100 billion yuan ($15.2 billion) of funds.

The London-based financial services firm EY is also preparing to establish a Hangzhou branch in Baishaquan.

The block will continue its business attraction and build itself into a national highland for the M&A sector. In aims to have a total of 150 billion yuan of funds, and complete 300 M&A projects in five years.

The offices in the Baishaquan M&A Block earlier used to be private residential houses. [Photo/zjol.com.cn]