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Jiangmen
Business

Hong Kong, mainland property developers drawn to Greater Bay Area city Jiangmen by promise of cheap land, development potential

  • City sold eight residential plots totalling 1.67 million square metres in June, its highest tally since 2018
  • Every developer is optimistic about Jiangmen and competition will be keen, Shanghai-based developer says

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There is confidence in Jiangmen’s potential because of continued optimism around the Greater Bay Area development plan, according to a developer. Photo: Shutterstock
Lam Ka-sing

Jiangmen, a city in Guangdong province that is also part of Beijing’s Greater Bay Area development zone, is attracting interest from mainland Chinese as well as Hong Kong-based property developers.

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Several companies are looking at the city of 4.6 million people that is about two to three hours from Hong Kong by train or ferry, because of its low land prices and development potential. It sold eight residential land plots totalling 1.67 million square metres in June, its highest tally since 2018, according to PIC Research, the research arm of Beijing-based state-owned enterprise China Poly Group.

There is confidence in Jiangmen’s potential because of continued optimism “about the future direction of the Greater Bay Area”, Shanghai-based Shimao Property Holdings said on Friday. “We are very focused and upbeat about the Greater Bay Area. If we think a project [within the development zone] promises profit, we will participate in it,” a spokeswoman said.

“Every developer – mainland or Hong Kong based – is optimistic about it. Competition is bound to be keen,” she added.

The developer already has residential projects in the city, having started buying land in Jiangmen some years ago. Moreover, Hui Wing-mau, Shimao’s chairman, met the city’s top officials during a visit last week. “Where possible, the company will explore possibilities of working with the government, but we still need to discuss this,” the spokeswoman added.

Hui Wing-mau, Shimao’s chairman, met the city’s top officials during a visit to Jiangmen last week. Photo: K Y Cheng
Hui Wing-mau, Shimao’s chairman, met the city’s top officials during a visit to Jiangmen last week. Photo: K Y Cheng
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Guangzhou-based Yuexiu Property, meanwhile, said Jiangmen had “quite good market fundamentals”. The company has four projects and has invested 2 billion yuan (US$289.4 million), mostly in land, in the city.
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