Property investment, management and development group Hongkong Land plans to continue expanding its footprint in China’s key cities.
“We are actively looking for new opportunities in Beijing, Shanghai and some key secondary cities,” says executive director Raymond Chow. He says the company is betting on the country’s long-run prospects.
The Hong Kong-based developer already has several projects on the mainland, including two commercial projects in Beijing and Shanghai and two complex projects in Chengdu and Chongqing.
“When we invest, we look for a very long term, at least a generation,” says Chow. “So we are still very confident in mainland’s further growth despite the recent slowdown in GDP growth.”
Hongkong Land’s project in Beijing, WF Central, on Wangfujing Street, has a gross floor area of 150,000 sqm and is expected to open in the second half of next year. The $1 billion project includes 50,000 sqm of luxury retail space and a Mandarin Oriental hotel.
Chow says the project will introduce a range of luxury brands to Beijing.