Fosun breaks ground at Shaw Brothers Movietown residential project
Fosun Group begins HK$10 billion transformation of legendary studio, signalling confidence in Hong Kong’s property recovery
China’s Fosun Group began construction of its first residential project in Hong Kong, encapsulating the recovery of the city’s property sector as it transforms the Shaw Brothers’ Movietown studio complex in Clear Water Bay.
“We must always grit our teeth and pull through during difficult times,” Guo said. “I am confident that Hong Kong’s future will only get better and better.”
Fosun Group, the parent of Hong Kong-listed Fosun International, bought part of the complex in 2014. It will invest over HK$10 billion (US$1.28 billion) to build about 800 luxury units in 40 blocks and an additional 200,000 square feet for hotel rooms and commercial space, according to Leo Liu Yani, chairman of the group’s subsidiary, Forte Industry Development Group (Hong Kong Branch).
Fosun said it could launch the sale of units by the end of 2027 at the earliest and aimed to complete the entire project in 2030.
As part of the agreement, the developer was asked to preserve and maintain the Shaw Administrative Building, the adjacent film store, and the dubbing studios in situ.