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Mainland developer China Aoyuan Group building a new niche focus in booming Greater Bay Area
- Developer has a quarter of its land bank in the southern region
- ‘Quite optimistic’ about Greater Bay Area’s future, senior executive at company says
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Mainland developer China Aoyuan Group is betting big on the government’s plans for the Greater Bay Area, shifting more of its focus to China’s answer to Silicon Valley amid a slowdown in the overall Chinese property market.
The Guangzhou-based property group, which has about a quarter of its land bank in the Greater Bay Area, is developing a niche in the southern Chinese region, according to senior vice-president Jacky Chan Ka-yeung.
“No matter from a land bank or investment perspective, or sales contribution, we continue to hope that southern China will be our niche focus, in particular the Greater Bay Area,” Chan told the South China Morning Post in an interview.
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The Greater Bay Area, the size of Croatia and encompassing Hong Kong, Macau and nine mainland cities, aims to be China’s innovation and financial powerhouse and embodies President Xi Jinping’s goal of creating a hub to rival Silicon Valley or the Tokyo Bay Area.
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The gross domestic product of the Greater Bay Area is expected to more than double by 2030, to as much as US$4.1 trillion, surpassing the UK economy, and its population to rise to as much as 88 million from the current 70 million, according to Morgan Stanley estimates.
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