The UK-based Standard Life said it is planning to establish a wholly owned foreign enterprise (WOFE) in China, and Shanghai's Lujiazui will become its first choice of location.

Established in 1825, Standard Life is an investment company, headquartered in Edinburgh, with operations across the globe. In 1847, Standard Life came to Shanghai to start its business in China. Later, it established the Standard Life Assurance Company in Shanghai. It's among the first batch of UK assurance companies, which developed businesses in China. The company stopped its business in China due to the war in 1937.

Colin Clark, director of Global Client Group at Standard Life said the company now has been preparing for materials and documents that required for the applying work.

"We are now studying the related supervision laws and regulations in China," he said. The WOFE is expected to establish later this year.

"There is large demand for assets management in Chinese market, especially the requirement for saving financing. And the long-term saving products is our advantages," he said.

Colin Clark also noted that Lujiazui Financial City is their first choice of location.

The Standard Life also handed over Lujiazui Financial City the copies of some historical documents about the company's business in China more than 100 years ago.

As the core area for Shanghai to build itself into international finance center, Lujiazui Financial City has become an important gathering place for international assets management companies to carry out their China business.

By the end of 2016, more than 30 overseas assets management companies from seven countries have already carried out business or are being prepared for the opening of business in this area, according to Lujiazui Financial City Authority

Wang Hua, head of Lujiazui Financial City Authority said so far a whole industry chain for foreign fund and assets management service has formed in Lujiazui, including related expertise, trade, rating, systematic service and other related parts.

"All of these will be good for the foreign fund and assets management companies' development and growth in China," Wang said.