Hang Lung 13.1 billion Hao Buy Hangzhou

In the past five years, Hang Lung Real Estate (101) successfully landed in the Mainland. Hang Lung announced yesterday that it had invested a total of 10.73 billion renminbi (approximately HK$13.1 billion) in a commercial complex in Baijingfang, Xiacheng District, Hangzhou. This is a piece of land that has historically been the most expensive for Hang Lung. The group will be held from next month to the next year. In February, the relevant amount was paid in cash in three installments.

The site area of ​​44800 square meters, can build a total floor area of ​​194,000 square meters, is located in Hangzhou City Business Center Xiacheng District, the group refers to the local business district is only the remaining large-scale commercial land, transportation extending in all directions.

For the first time in five years

In addition to land prices, the Group plans to invest a total of approximately RMB 19 billion in the development of large-scale commercial complex projects, including world-class shopping malls and office buildings.

For the last time, Hang Lung purchased commercial land in Wuhan for RMB 3.3 billion in 2013. Hang Lung currently has 10 commercial projects in the Mainland. Kunming Plaza 66 and Wuhan Plaza 66 are under construction and are expected to be completed in the next year and the beginning of the year. The acquisition of the Hangzhou Land will be the 11th project of Hang Lung in the Mainland.

In fact, the Chairman of Hang Lung, Chen Qizong, mentioned earlier in his annual report that it is less clear whether they can buy high-quality land at reasonable prices. Even if they do not damage short- and medium-term business, they may hinder the long-term development of the company. He had already indicated that he would definitely Buy land. What the market can’t estimate is that he bought a land with over a billion yuan this time.

The Hang Lung Board believes that the purchase of the land parcel will broaden the Group’s assets, revenue base and growth prospects, and is in line with China’s long-term investment strategy. It will benefit both Hang Lung, Hang Lung Properties and their respective shareholders as a whole. Chairman Chen Qizong indicated that he has been very optimistic about the development of the commercial and retail markets in the Mainland. He successfully bid for the site of Baijingfang in Hangzhou and added a more strategic standpoint to Hang Lung’s business landscape in the Mainland. “We are full of confidence. World-class landmark projects can create greater value for Hangzhou and Hang Lung.”