In August 2012, Beijing State-owned Assets Management Co., Ltd. (hereinafter referred to as “BSAM”) cooperated with the CPC Dongcheng District Committee and Dongcheng District Government to launch “Longfu Temple Area Feature Protection and Urban Renewal Project”. A dedicated project company, controlled by BSAM (with shareholding ratio of 70%), was jointly established to commit to project construction and operation. Since the kickoff of this project, BSAM has focused on old city feature protection and urban renewal, and has made every effort to build Longfu Temple Area into “Top-notch Icon of Old Beijing City Revitalization”. Longfu Temple Area will develop into a world-class destination of cultural and artistic consumption, characterized by “the complementary splendor of traditional and modern cultures and the harmonious integration of Chinese and world civilizations”.

Nestled at the northwest corner of Dongsi Road Crossing, Dongcheng District, this project consists of functional area and courtyard feature area. Phase I of this project includes Longfu Building and Longfusi North Lane, with total construction area of ​​about 75,000 square meters, which formally raised the curtain for operation on August 29, 2019. It has become an integrated cultural and creative park integrating WeWork, art gallery, boutique bookstore, specialty restaurant and other business formats in one. Longfu Cultural Center, which is unique in the ancient capital city, has also emerged as the first choice for high-quality cultural and artistic events. In August 2020, Longfu Temple Cultural and Creative Park was selected as a municipal-level cultural industry park. Phase II of this project covers mending project of Dongsi Metro Station, the reconstruction of Longfu Plaza, the reconstruction of Changhong Cinema and the upgrading and reconstruction of public space blocks, with total construction scale of about 101,700 square meters. Upon the completion of Dongsi Metro Station Mending Plot, the exhibitions and museum shops of world-renowned museums will be introduced in order to facilitate the exchange and mutual learning of Eastern and Western civilizations, and build international cultural exchange experience block. Longfu Square will become a digital cultural experience site for the Palace Museum. Moreover, through the perfect combination of brand concept store and Chinese lifestyle experience store under Chinese designers’ brainstorming, Longfu Square will grow into a place where people can take a closer look at intangible cultural heritages and embrace the creative culture. The face-lifting campaign of Changhong Cinema will take advantage of creative technology to create the first-ever compound space for culture, tourism and commerce with live-action aerial photo cinema as the core, thereby affording an immersive experience of Chinese culture.