Hong Kong-based retail developer Hongkong Land is planning to open 10 new developments in China by 2028, expanding its footprint on the mainland.
As part of a two-pronged strategy, which encompasses its flagship ‘Central’ premium lifestyle retail series and ‘The Ring’ lifestyle retail series, the group — over the next five years — will open 10 new developments under the Central or The Ring series across the seven cities of Chongqing, Chengdu, Wuhan, Shanghai, Nanjing, Hangzhou and Suzhou, adding another 280,000 square metre of retail floor space to the retail portfolio in the Chinese mainland.
The new developments will bring the total number of the group’s commercial developments in China to 17, with the projects complementing existing commercial properties in Hong Kong, Macau, Beijing, Chongqing and Shanghai, the company added.
The move comes as the company looks to “focus on developing innovative, sustainable and premium commercial buildings and hubs in the Chinese mainland that cater to the different characteristics of cities across the country,” according to a press release.
“In its 134-year history, Hongkong Land has been at the forefront of urban development trends, developing premium commercial and residential properties that have enhanced neighbourhoods and communities,” said Ling Chang Feng, executive director, China Property, Hongkong Land.
“Regardless of where we are in the economic cycle, Hongkong Land has always focused on its long-term strategy, which in China means actively participating in and promoting high quality, creative and sustainable urban construction to foster growth and prosperity.”
Hongkong Land also unveiled further details of its Shanghai West Bund Financial Hub, including a total investment in the project of USD 8 billion (RMB 60 billion) as part of a joint venture, and the near completion of a new landmark public art centre – named the West Bund Orbit – which has been designed in partnership with architect Thomas Heatherwick.
Located at Xuhui Waterfront, alternatively known as the Shanghai West Bund, the Shanghai West Bund Financial Hub is the largest single project investment ever made by the group. Measuring 1.1 million square metres, it is comprised of 650,000 square metres of Grade A office space, 240,000 square metres of luxury and retail space, 160,000 square metres of high-end waterfront residential apartments, and hotel, convention and cultural facilities.
Finally, construction of the West Bund Orbit, a new public art centre, has been
“proceeding successfully” and will be launched to the public by the end of 2023, added the developer.