In 1928, the Bank of China moved its headquarters from Beijing to Shanghai. The Bank of China purchased land in Jinkee Road (now Dianchi Road) and Yuenmingyuen Road (now Yuanmingyuan Road) in 1930 to house its headquarters. From then on, the Shanghai branch would each year set aside RMB 500,000 from its surplus, as the construction fund for a new headquarters building. In April 1934, the board of directors decided to construct an 18-floor building, for the office administration and operation of the Head Office and the Shanghai Branch, on the former German Club site. The estimated basic construction cost was 6 million silver yuan.