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Hongkong Land unveils the Shanghai US$8 billion financial hub project, its single largest investment, dwarfing its significant Central portfolio

  • Hongkong Land’s new project, located in the Shanghai West Bund, has a development area of nearly 1.1 million square metres
  • The project, comprising office space, residential units, hotel, convention and cultural facilities will be launched in phases starting later this year

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The Shanghai West Bund Financial Hub is Hongkong Land’s single largest investment ever and will consist of a portfolio that is more than double the total size of its 12 prime buildings in Hong Kong’s Central. Photo: Company
Cheryl Arcibal

Hongkong Land, one of the city’s largest commercial landlords, is embarking on its single biggest investment ever with a US$8 billion mixed-use project in Shanghai, at a time when investment in mainland China’s property sector has been declining and the economy slowing.

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The project, called the West Bund Financial Hub, is located in the Xuhui Waterfront or Shanghai’s West Bund, and its total development area is more than twice the size of the developer’s current portfolio in Hong Kong’s Central district.

Over the next five years, the developer will launch 10 new projects in seven mainland Chinese cities namely Shanghai, Chongqing, Chengdu, Wuhan, Nanjing, Hangzhou and Suzhou, bringing the group’s commercial developments in China to 17. Presently, Hongkong Land manages commercial properties in Hong Kong, Macau, Beijing, Chongqing and Shanghai.

“We are confident in the long-term growth prospects for China. China’s middle class is expected to continue to grow, and the national economy will be driven, to a material extent, by their consumption over the next few decades and an even greater focus on high quality property offerings, where Hongkong Land excels,” said Ling Chang Feng, executive director, China property, Hongkong Land, in an emailed reply to the Post.

The Shanghai West Bund Financial Hub is Hongkong Land’s single largest investment ever and will consist of a portfolio that is more than double the total size of its 12 prime buildings in Hong Kong’s Central. Photo: Company
The Shanghai West Bund Financial Hub is Hongkong Land’s single largest investment ever and will consist of a portfolio that is more than double the total size of its 12 prime buildings in Hong Kong’s Central. Photo: Company
The development area of about 1.1 million square metres (sq m) includes 650,000 sq m of grade A office space, 240,000 sq m of luxury and retail space, 160,000 sq m of high-end waterfront residential flats, a hotel and convention and cultural facilities. This dwarfs Hongkong Land’s portfolio in Hong Kong’s Central district which comprises 12 buildings and provides 455,000 square metres of prime office and luxury retail space. The group owns and manages more than 850,000 sq m of prime office and luxury retail assets in key Asian cities, principally Hong Kong, Singapore, Beijing and Jakarta.
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