Project part of developer's target to spend up to 25b yuan in eight mainland cities
Hang Lung Properties has become the latest developer to invest in Changsha, one of the mainland's fastest-growing cities, with plans to build an office-retail-serviced apartment project worth an estimated four billion yuan.
Hang Lung's move comes after massive investments in the capital of Hunan province in central China by other Hong Kong developers and foreign funds, including New World China, Hutchison Whampoa and foreign fund ING Real Estate.
Henderson Land Development is also planning to establish a presence in the city, according to Changsha city officials.
'We made studies of the city for more than a year before we signed the agreement,' said Hang Lung chairman Ronnie Chan Chichung (below), adding that he was confident the city would continue to grow due to a strengthening economy and improved spending power.
Changsha's gross domestic product reached 152 billion yuan last year, ranking it 16th among the top 100 wealthiest mainland cities.
The project, known as Changsha Hang Lung Plaza, will be in Huangxing Road in Furong district.