Hang Lung snaps up prime Hangzhou plot for US$1.7b
Earmarked for commercial development, it’s the Hong Kong company’s first purchase in mainland China for five years
Hang Lung is paying 10.7 billion yuan (US$1.7 billion) for a parcel of prime commercial land in Hangzhou in eastern China – the Hong Kong firm’s first mainland purchase in five years.
The land is believed to be the most expensive plot for commercial project development in the capital city of affluent Zhejiang province, and one of Hang Lung’s priciest ever mainland acquisitions.
Total investment of 19 billion yuan is earmarked for the planned project, a large-scale commercial mixed-use complex, comprising a world-class shopping centre and office tower, the Hong Kong real estate major said late on Monday.
“We are thrilled to have successfully acquired this premium site in Hangzhou,” said Ronnie Chan, chairman of Hang Lung Group and Hang Lung Properties, stressing the acquisition allows the developer to further extend into another strategic location, to capitalise on opportunities available right across the mainland.
The plot extends Hang Lung’s reach to 11 developments in nine mainland cities and marks a “new milestone” for its growth.
“This acquisition aligns with our long-term investment plan and we are confident we will create great value for the city and Hang Lung from this world-class, iconic landmark,” Chan said.