Hong Kong’s Shui On Land forms JV for Shanghai redevelopment project
Shui On Land, a Hong Kong-listed property company, has announced that its subsidiary, Shanghai Ruilou Enterprise Management, has formed a joint venture with the Shanghai-based state-owned enterprise Shanghai Pucheng to carry out a redevelopment project in Pujiang Town, Minhang – a district of Shanghai, China. The newly formed joint venture is set to redevelop the Zhaojia Lou Ancient Town, an area identified by the Shanghai municipal government for urban renewal. An area known for its canals and ancient water towns, it is a popular tourist spot with an AAAA tourist rating – meaning it attracts over 500,000 visitors annually. Flanked by the Shanghai Shenjiahu Expressway and the Shanghai North-South Elevated Road, with two subway lines in close proximity, the Zhaojia Lou Ancient Town, is perfectly located.
The Shui On Land and Shanghai Pucheng joint venture will be responsible for the redevelopment of land running from Jiageng Road in the east, to Yaojia Bang in the south, Huichi Road in the west and Xiaoyan Lake in the north. The new development will include residential and commercial facilities, along with ancillary ones too. According to Jessica Wang, CEO of Shui On Land, the joint venture is set to “preserve the unique history and culture” of the area, while transforming it into a “new landmark of Shanghai.”
Shui On Land has developed a strong presence in the area over the past 30 years and has taken part in several urban renewal projects. Wang notes that the group’s success in their Panlong Tiandi project is a strong display of their “master-planning, cultural preservation, community operation and urban regeneration capabilities” and gives them “confidence in the future prospects of the Zhaojia Lou project.” Shui On Land is the flagship property development arm of the Shui On Group, a firm founded by the billionaire Hong-Kong tycoon, Vincent Lo.…