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Shui On's portfolio to expand
By Cherry Cao |
January 11, 2013, Friday
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Print Edition
Print Edition
SHUI On Land Ltd, a developer controlled by Hong Kong billionaire Vincent Lo and best known for its Xintiandi projects in Chinese cities, will see its commercial property portfolio more than double within the next few years.
The Hong Kong-listed company will add another 1 million square meters of commercial real estate, worth nearly 40 billion yuan (US$6.4 billion), over the next two years, according to Chairman Lo, who unveiled the second phase of Corporate Avenue, a premium office development in downtown Xintiandi, yesterday.
Featuring some 100,000 square meters of premium offices and 50,000 square meters of retail space, Corporate Avenue Phase II, worth an estimated market value of about 12 billion yuan on completion, is set to be delivered by the end of 2014. It may yield an annual rental income of 600-700 million yuan, Shui On said.
The developer has an existing commercial real estate portfolio of 630,000 square meters, or 28 billion yuan in combined value, on the Chinese mainland.
The Hong Kong-listed company will add another 1 million square meters of commercial real estate, worth nearly 40 billion yuan (US$6.4 billion), over the next two years, according to Chairman Lo, who unveiled the second phase of Corporate Avenue, a premium office development in downtown Xintiandi, yesterday.
Featuring some 100,000 square meters of premium offices and 50,000 square meters of retail space, Corporate Avenue Phase II, worth an estimated market value of about 12 billion yuan on completion, is set to be delivered by the end of 2014. It may yield an annual rental income of 600-700 million yuan, Shui On said.
The developer has an existing commercial real estate portfolio of 630,000 square meters, or 28 billion yuan in combined value, on the Chinese mainland.
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