Listed property developer Hongkong Land has signed a Framework Agreement with Shanghai New Bund International Business District Investment Group to build a 210,000 sqm mixed use project in Shanghai Pudong.  
The New Bund company is a subsidiary of Shanghai Lujiazui Group.
The framework signifies the two parties’ intention to jointly develop a prime site in Qiantan in Shanghai’s Pudong New District. Entry into the joint venture and undertaking the development project are subject to the satisfaction of Chinese law, regulations and certain conditions precedent.
The joint venture intends to develop an office and retail project that is poised to become the city’s next commercial area.
Senior Pudong New District Government officials, Adam Keswick, deputy MD of Jardine Matheson Holdings, Y K Pang, CEO of Hongkong Land, Li Jin Zhao, GM of LJZG and Yang Xiao Ming, chairman of The New Bund, were present at this week’s Framework Agreement signing ceremony.
Observed Pang: “This proposed investment in the Qiantan project is part of Hongkong Land’s long-term strategy to grow its investment property portfolio in Asia’s prime locations, by leveraging our strength and expertise in developing and managing international Grade A offices and high-end retail centres. Working together, Hongkong Land and The New Bund will cater to the continuing growth of Shanghai as a key financial centre by investing in Qiantan and creating an integrated, prime commercial hub.”
Yang added: “The innovative positioning of the Qiantan international business district provides a solid foundation and favourable environment for Hongkong Land’s best-of-class development project, which will establish ‘A World-class Icon for an International CBD’.”
Qiantan is located about 9.5 km south of the Lujiazui financial district, which is considered the core of Pudong. The area is being developed as a new landmark that will primarily provide expansion space for financial institutions headquartered in Lujiazui. It is also being positioned as a new world-class centre for cultural and leisure activities. LJZG develops, holds and operates a significant portfolio in Pudong, making it one of the key players in the Pudong land and property market.
Founded in 1889, Hongkong Land owns and manages almost 800,000 sqm of prime office and luxury retail property in key Asian cities, principally in Hong Kong and Singapore.
The group has a number of residential and mixed-use projects under development in cities across Greater China and Southeast Asia, including a luxury retail centre at Wangfujing in Beijing.