Hong Kong developer HKRI to ‘embrace digital era’ in mainland expansion

“We will build projects that are distinct from others,” Jackie Tang Moon-wah, executive director at HKRI in charge of mainland businesses, told the South China Morning Post. “When conditions are ripe, we might be able to develop Discovery Bay-like projects here.”

Tang said a vast land area, as well as the local government’s long-term support with infrastructure building and ample funding were preconditions for such mega projects. Discovery Bay, HKRI’s flagship property in Hong Kong, is a resort-style residential project on northeastern Lantau Island, comprising villas as well as low, mid and high-rise residential developments.

“Hong Kong developers can’t afford to be as aggressive as mainland counterparts in boosting land banks, but we have our own advantages in terms of development capabilities,” Tang said. “There are still fresh elements in property development that we can bring to the mainland.”

The rise of mainland competitors and increasing land prices have deterred overseas developers from expanding fast in the world’s second-largest economy. But Tang said HKRI was unfazed, and was looking to secure more projects after launching the upscale 18 billion yuan (US$2.72 billion) HKRI Taikoo Hui, a mixed-use development on Shanghai’s Nanjing Road West last month.

“If you have full respect in each piece of land and people living around, you will be able to build masterpiece projects that have their own characteristics, and cater to people’s demands,” he said. “A developer needs to be patient and have vision in designing one-of-a-kind residential and commercial properties in the region.”