Hong Kong’s Shui On Land forms JV for Shanghai redevelopment project
Hong Kong-listed property firm Shui On Land has introduced that its subsidiary, Shanghai Ruilou Enterprise Management, has formed a joined project with state-owned business Shanghai Pucheng to perform a redevelopment plan at Pujiang Town, in the Minhang district of Shanghai, China.
She highlights that the group has actually also started another large city renovation plan in Shanghai at Panlong Tiandi. “Our results in the Panlong Tiandi venture is a strong testament to the group’s abilities in the urban-village renovation, providing us assurance in the near future prospects of the Zhaojia Lou plan,” Wang adds.
The project will see the redevelopment of Zhaojia Lou Ancient Community, an area that has been determined by the Shanghai municipal government for rehabilitation. Recognized for its canals and old water villages, it is a well-known tourist spot. In 2015, it was ranked an AAAA travellers spots by Chinese authorities, indicating the area attracts over 500,000 tourists each year. Found beside the Shanghai Shenjiahu Expressway and also the Shanghai North-South Raised Roadway, the area is flanked by 2 subway lines.
The Shui-On Land-Shanghai Pucheng joint venture will certainly take on the redevelopment of real estate parcels located in Pujiang Area, that extend to Jiageng Roadway to the east, Yaojia Bang to the south, Huichi Roadway to the west, as well as Xiaoyan Lake to the north.
“Over the past 30 years, Shui On Land has certainly established a strong foothold in Shanghai and took part in urban renewal programs with tried and tested capabilities in master planning, cultural conservation, neighborhood operation and urban regrowth,” says Jessica Wang, CEO of Shui On Land.
According to an April 20 press release by Shui On Land, the brand-new property development will certainly include domestic, business and secondary centers. The mutual project is expected to preserve the distinct history and heritage of Pujiang Community, while redeveloping it into a “brand-new spots of Shanghai”.
Shui On Land is the front runner property project company of the Shui On Group, a building-materials plus construction firm started by Hong Kong billionaire Vincent Lo.