Hongkong Land says to open 10 retail developments in 5 years in China

Published Fri, Jun 9, 2023 · 05:13 PM

HONGKONG Land Holdings said it plans to open 10 retail developments in the next five years in seven cities across China, bringing the total number of commercial projects in the country to 17.

The cities will be Chongqing, Chengdu, Wuhan, Shanghai, Nanjing, Hangzhou and Suzhou, it said in a statement on Thursday (Jun 8), adding the new developments will add 280,000 square meters of retail floor space to its China portfolio.

Hongkong Land also said it will complete the US$8 billion West Bund Financial Hub development in Shanghai in three phases through 2027, and start selling the high-end waterfront apartments later this year.

The West Bund Orbit, a landmark public art centre, will also be launched by the end of 2023, it added.

Acquired in 2020 with a joint-venture partner, the West Bund Financial Hub is built on a 23.1-hectare mixed-use site located in Xuhui district, where the local government plans to create a new international financial centre.

The development is the firm’s largest ever single project investment and twice the size of its Central Portfolio in Hong Kong. REUTERS