Swire Properties has a bold vision that anticipates the continuing rise of Shenzhen
The Southern Chinese city of Shenzhen, which overtook Hong Kong in economic size last year, now ranks as the prime location for future development, according to Swire Properties chief executive Guy Bradley
Swire Properties, the developer of grade A office and retail complexes such as Pacific Place and Taikoo Place, is aggressively looking to gain a foothold in Shenzhen through partnership or site acquisitions in anticipation that the city’s status will benefit as the Greater Bay Area (GBA) takes shape.
Analysts said the planned move by Swire will set a new benchmark for the commercial property market in Shenzhen, as the city transforms itself into an international financial and tech hub.
“We have a strong focus on tier one cities. We have two projects in Shanghai, two in Beijing, we have projects in Guangzhou and Chengdu. So the missing part of that is in Shenzhen,” said Swire Properties chief executive Guy Bradley.
“We have not got any assets in that important city [Shenzhen] of China. We would like to find some suitable projects, we have been looking aggressively,” Bradley told the Post in an interview.
Shenzhen, which is roughly the same economic size as Singapore and Hong Kong, recorded nominal output of 2.2 trillion yuan (US$338 billion) in 2017 thanks to its booming hi-tech sector. Its GDP has surpassed Guangzhou, making it the largest of the nine mainland cities in the GBA.
