Aoyuan homes in on southern China’s ‘big bay area’
Developer looking to expand into more cities in China’s booming Pearl River Delta, with ambitious goal of reaching 50bn yuan in annual sales by 2019
Developer China Aoyuan Property is looking to expand into more cities in China’s booming Greater Pearl River Delta (PRD), a region covering cities including Shenzhen, Guangzhou and Hong Kong , as it targets an ambitious goal of reaching 50 billion yuan (US$7.2 billion) in annual sales by 2019.
“The delta is our primary focus – after entering Shenzhen and Huizhou last year, we plan to expand into Dongguan and are actively looking for opportunities in Hong Kong too,” said Jacky Chan Ka-yeung, Aoyuan’s vice president.
Chan expects the rise in home prices to continue in the area, given its strong growth in population and diversified industrial clusters, particularly fast-growing hi-tech services.
Chinese Premier Li Keqiang pledged this month to accelerate cross-border integration between Hong Kong, Macau and the mainland’s Guangdong province, creating what he called a “big bay area” which will be as competitive as other comparative overseas areas such as Los Angeles, New York or Tokyo.
Chan said Aoyuan already has a presence in most cities in the delta, and by speeding up its land acquisition in Shenzhen and neighbouring cities such as Huizhou, he predicts greater Shenzhen to contribute 5 billion yuan (US$725 million) in sales to the business this year.
