Hong Kong’s Shui On Land forms JV for Shanghai redevelopment project
Shui On Land, a Hong Kong-listed property company, has entered a joint venture with Shanghai Pucheng, a state-owned enterprise, to complete a redevelopment project located in Pujiang Town, in Minhang district of Shanghai, China. The project aims to restore the area’s unique historical and cultural identity and redevelop Zhaojia Lou Ancient Town into a “new landmark of Shanghai”.
The location, known for its canals and water towns, is already a popular tourist destination with an AAAA rating from Chinese authorities and over 500,000 visitors per year. It is conveniently located next to the Shanghai Shenjiahu Expressway, the Shanghai North-South Elevated Road, and two subway lines.
The joint venture between Shui On Land and Shanghai Pucheng will redevelop land parcels that stretch to Jiageng Road to the east, Yaojia Bang to the south, Huichi Road to the west, and Xiaoyan Lake to the north. The new development will include residential, commercial and ancillary facilities.
As the flagship property development company of the Shui On Group, founded by Hong Kong billionaire Vincent Lo, Shui On Land has been carrying out successful urban renewal projects in Shanghai for more than 30 years. Jessica Wang, the CEO of Shui On Land, highlighted the group’s proven capabilities in master planning, cultural preservation, community operation and urban regeneration in its Panlong Tiandi project – giving her confidence in the prospects of the Zhaojia Lou project.
The Shui On Land-Shanghai Pucheng joint venture aims to preserve the unique culture and identity of Pujiang Town while also creating a new landmark in Shanghai. With their proven track record, it is likely that the project will be a success.