HONG KONG, Sept. 12, 2018 /PRNewswire/ -- Spring City 66, Hang Lung Properties' first entry into the southwest region of mainland China, held a topping out ceremony today for its shopping mall and office tower, marking a significant milestone in the project's construction and heralding the arrival of a new world-class landmark for China's "Spring City" Kunming.
The ceremony was hosted by Hang Lung's Chief Executive Officer, Mr. Weber Lo; Chief Financial Officer, Mr. H.C. Ho; and Executive Director, Mr. Adriel Chan, with other Hang Lung's top management members also in attendance. Ms. Wang Qingmei, Deputy Director of Yunnan Provincial Bureau of Investment Promotion and Cooperation; Ms. Yi Yingxia, Deputy Governor of Panlong District, Kunming; Mr. Luo Xiaolin, Deputy Director of Kunming Investment Promotion Bureau; Mr. Xiao Rongchun, Chairman of China Construction Eighth Engineering Division. Corp. Ltd.; and Mr. Bian Jiajun, President of Shanghai Construction Group Co., Ltd., also participated in the ceremony.
At the ceremony, Mr. Weber Lo said, "Hang Lung has been dedicated in developing world-class commercial properties at prime locations. Kunming is an important tourist destination and business center in China with unparalleled development potential. With a customer-centric focus at the very heart of our operations strategy, we are confident that Spring City 66 will be a world-class regional mall with luxury content, bringing our customers with more diversified choices, a better quality of life, and an innovative customer experience to cater to the aspirations of this burgeoning city and the people of districts nearby."
He continued, "Government departments at different levels have rendered their full support to Spring City 66 over the years, together with the effort and cooperation of our main contractors, we have been able to go all-out with the interior finishing and leasing work, attracting more internationally renowned brands and corporations to Kunming with the best hardware and exceptional services, leading the economic development and achievements of Kunming to benchmark with the best standards of an international metropolis."
At the topping out ceremony, the officiating guests started the device which gradually lifted a fully-filled concrete funnel and a steel beam to the top of the shopping mall and office tower respectively. With the completion of the last concrete casting for the shopping mall and the welding procedure for the top of office tower, Spring City 66 is officially topped out after intensive construction work spanning six years, and now enters the next phase of development.
With total investment of RMB 12 billion, Spring City 66 is Hang Lung Properties' ninth Mainland project after its developments in Shanghai, Shenyang, Jinan, Wuxi, Tianjin, and Dalian. Since acquiring the land in 2011, which was originally where the Kunming Municipal People's Government was located, Hang Lung has committed its energies and resources to the construction of a commercial complex that will be a striking new landmark for the city. Following the topping out of the shopping mall and office tower, the next phase of development will see the installation of the curtain wall, interior decoration, landscaping works, and more. The leasing progress of the mall is favorable with over 60% of the leasable area already committed, including a number of brands making their debut in Kunming and the flagship stores of some international brands. The official opening of the mall is scheduled for mid-2019.
About Hang Lung Properties
Hang Lung Properties Limited (stock code: 00101), a constituent stock of the Hang Seng Index, Hang Seng SCHK High Dividend Low Volatility Index, Hang Seng Low Volatility Index, Hang Seng Corporate Sustainability Index in Hong Kong, and the Dow Jones Sustainability Asia Pacific Index, is a leading real estate developer operating in Hong Kong and mainland China. Boasting a diversified portfolio of investment properties in Hong Kong, the Company has progressively branched out into the Mainland since the 1990s, with our distinctive footprint now fully established in Shanghai, Shenyang, Jinan, Wuxi, Tianjin, Dalian, Kunming, and Wuhan, with all the Mainland projects carrying the "66" brand. In May 2018, Hang Lung won an auction for a prime plot of land in Hangzhou, marking the Company's expansion to its ninth Mainland city. As Hang Lung's business continues to grow, the Company is set to develop into a highly admired national commercial property developer in China.
About Spring City 66
As the first Hang Lung Properties project in mainland China's southwest region, Spring City 66 is located at the intersection of Dongfeng Dong Lu and Beijing Lu in Panlong District, Kunming's central business and commercial hub. The project is seamlessly connected with Metro line No.2 and No.3, offering optimal location and strong connectivity.
The mixed-use development under construction has a total gross floor area of 432,000 square meters, comprising a world-class shopping mall, a 63-story Grade A office tower, serviced apartments and car parking spaces. Famed for its pleasant weather, Kunming is known as "Spring City", and the natural landscape of the city has provided inspiration for the architectural design of the project. The undulating layers of the structure evoke the surrounding mountainous terrain, and highly visible green elements and outdoor leisure spaces flawlessly harmonize the design with the city and its lifestyle, creating a new landmark on the city's horizon that blooms with style and vitality. From the design stage, Spring City 66 has been conscious of the need to incorporate environmentally-friendly features. Its sustainability initiatives have already earned Spring City 66 the "Precertification under Leadership in Energy and Environmental Design (LEED) for Core and Shell Development – Gold Level" issued by the U.S. Green Building Council.
Spring City 66 will showcase the Retail-tainment concept, a one-stop retail and entertainment shopping model, introducing over 300 international retail, dining, lifestyle, and entertainment brands in a confluence of unique experiences that will ignite the imagination of the community. Spring City 66 is poised to inject fresh new vitality into Kunming's burgeoning retail market with an excitement that will reverberate through the whole of Yunnan Province.
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