SHANGHAI, Sept. 9, 2015 /PRNewswire/ -- Asia's premier property developer, Hongkong Land, entered into a Framework Agreement today with Shanghai New Bund International Business District Investment Group Ltd ("The New Bund"), a subsidiary of Shanghai Lujiazui (Group) Co., Ltd ("LJZG"), which signifies the two parties' intention to jointly develop a prime site in Qiantan in Shanghai's Pudong New District. Entry into the joint venture and undertaking the development project are subject to the satisfaction of Chinese law, regulations and certain conditions precedent.
The joint venture intends to develop an office and retail project that is poised to become the city's next commercial area. It will have an expected total gross floor area of approximately 210,000 sq. m.
Senior Pudong New District Government officials, Mr. Adam Keswick, Deputy Managing Director of Jardine Matheson Holdings Limited, Mr. Y K Pang, Chief Executive of Hongkong Land, Mr. Li Jin Zhao, General Manager of LJZG, and Mr. Yang Xiao Ming, Chairman of The New Bund, officiated at the Framework Agreement signing ceremony.
Commenting on the project, Mr. Pang said, "This proposed investment in the Qiantan project is part of Hongkong Land's long-term strategy to grow its investment property portfolio in Asia's prime locations, by leveraging our strength and expertise in developing and managing international Grade A offices and high-end retail centres. Working together, Hongkong Land and The New Bund will cater to the continuing growth of Shanghai as a key financial centre by investing in Qiantan and creating an integrated, prime commercial hub."
Mr Yang said, "The innovative positioning of the Qiantan international business district provides a solid foundation and favourable environment for Hongkong Land's best-of-class development project, which will establish 'A World-class Icon for an International CBD'."
Qiantan is located about 9.5 km south of the Lujiazui financial district, which is considered the core of Pudong. The area is being developed as a new landmark that will primarily provide expansion space for financial institutions headquartered in Lujiazui. It is also being positioned as a new world-class centre for cultural and leisure activities. LJZG develops, holds and operates a significant portfolio in Pudong, making it one of the key players in the Pudong land and property market.
Hongkong Land
Hongkong Land is a listed leading property investment, management and development group. Founded in 1889, Hongkong Land's business is built on excellence, integrity and partnership.
The Group owns and manages almost 800,000 sq. m. of prime office and luxury retail property in key Asian cities, principally in Hong Kong and Singapore. Hongkong Land's properties attract the world's foremost companies and luxury brands.
Its Hong Kong Central portfolio represents some 450,000 sq. m. of prime property. It has a further 165,000 sq. m. of prestigious office space in Singapore mainly held through joint ventures, and a 50% interest in a leading office complex in Central Jakarta. The Group also has a number of residential and mixed-use projects under development in cities across Greater China and Southeast Asia, including a luxury retail centre at Wangfujing in Beijing. In Singapore, its subsidiary, MCL Land, is a well-established residential developer.
Hongkong Land Holdings Limited is incorporated in Bermuda and has a standard listing on the London Stock Exchange as its primary listing, with secondary listings in Bermuda and Singapore. The Group's assets and investments are managed from Hong Kong by Hongkong Land Limited. Hongkong Land is a member of the Jardine Matheson Group.
The New Bund
The New Bund is directly invested and controlled by Shanghai Lujiazui Group Ltd (one of the four main Pudong New District real estate development companies). After Lujiazui Group's successful development & construction of Lujiazui Finance and Trade Zone in Pudong, they have started their "Second Pioneering" under the New Bund with the great task to setup & build the New Bund.
The New Bund is responsible for the main and secondary development and construction task of the New Bund international business district covering 2.83 square kilometers. The New Bund business district is one of the six key-developing areas from the "12th Five-Year Plan", which after 5 to 10 years, will become a world-class business district with the headquarter center of business, culture, media, sports and leisure integrated, forming a recognized new landmark within Shanghai's Lujiazui.
For further information, please contact:
Hongkong Land
Jennifer Lam
+852-2842-8222
jennifer.lam@hkland.com
Golin
Sue So
+852-2501-7984
sso@golin.com
