Hong Kong's property big guns are continuing their buying assault on second-tier mainland cities.
Spurred by Li Ka-shing's $6.4 billion worth of mainland acquisitions earlier this year through development flagships Hutchison Whampoa and Cheung Kong (Holdings), prominent Hong Kong-based developers are keen to keep up with their competitors.
New World China Land, the mainland property arm of New World Development, is planning to invest up to five billion yuan in a commercial and residential project in Dalian's waterfront area, according to William Leung Wai-kai, assistant to the managing director of New World Development.
The project was a redevelopment of the eastern part of Dalian's old port area, which was freed up as a new port was developed. According to the city's vice-mayor, Song Zengbin, the project comprises five land parcels and involves investment of 11 billion yuan.
New World China yesterday signed a memorandum of understanding (MOU) to develop two sites that will offer one million square metres of space for luxury homes, shops, offices and hotels.
Sun Hung Kai Properties signed an MOU with the city government for the port redevelopment project yesterday, but it would not comment on its investment plan.
Meanwhile, a prominent site in the heart of Hangzhou's commercial area recently put up for tender has drawn interest from Sun Hung Kai Properties and Kerry Properties, according to sources familiar with their business in the city.