Hongkong Land Holdings Limited secured a US$4.4 billion (A$6.6bn) mixed-use site on the West Bund of Shanghai in a deal with the Chinese government.
One of Asia's largest conglomerates, Hongkong Land is developing a A-grade office, retail, residential and hotel precinct with a gross floor area of 1,087,050sq m, built across multiple stages by 2027.
The transaction for the 23.1 hectare site—along the Huangpu River South Extension area—is in line with the group’s strategy to acquire prime sites in key gateway cities across Asia.
Hongkong Land has extensive large commercial development projects in Hong Kong, Singapore, Beijing and Jakarta.
Their first development in Shanghai was Parkville which opened in 2018 and the Group also had the Caohejing Project in development.
This latest Shanghai project would be partially funded by pre-sales with about a quarter of the land able to be sold in accordance with the land grant.
The term of land use rights was 70 years for residential purposes, 50 years for office and 40 years for retail and hotel.
Hongkong Land is a member of the Jardine Matheson Group and is listed on the London Stock Exchange with secondary listings in Bermuda and Singapore.