From a hotel in a hole to China’s tallest tower, Shimao heir apparent ditches cookie cutter for landmark buildings
- Company president Jason Hui Sai-tan says he wants to see Shimao’s name on iconic buildings
- Shimao hopes to get Zhuhai projects off the ground this year
Jason Hui Sai-tan, the 41-year-old president of Chinese developer Shimao Property Holdings, wants to turn the oft-used aphorism in China’s real estate industry on its head, as he looks forward to building the country’s tallest building, fresh from helping his father build China’s deepest hotel.
“Land is flour, and we would like to make exquisite cake instead of cookie-cutter bread,” says Hui, who has set his sights on a 700-metre office tower in Shenzhen following the launch of the 18-storey InterContinental Shanghai Wonderland Hotel in an abandoned quarry in Shanghai.
The company was founded and is chaired by his father, Hui Wing-mau, 67, a billionaire who likes to keep a low profile. Hui, it seems, is anything but.
The company, an early mover in the “Greater Bay Area”, holds land worth 200 billion yuan (US$29.7 billion) in the region covered by Beijing’s initiative to create an integrated hub rivalling the San Francisco Bay Area and Tokyo Bay Area.
Shimao has – unlike other developers active in the region – been selective, putting money only into Shenzhen, Hong Kong, Guangzhou and Foshan, top four among the 11 Greater Bay Area cities in terms of economic output.
