State-backed CR Land joins forces with Hong Kong’s top developers in new GBA projects
- China Resources Land says it has established strategic partnerships with four Hong Kong developers for projects in the Greater Bay Area
- Its partners include Henderson Land Development, New World Development, K Wah International Holdings and Shun Tak Holdings
State-backed real estate giant China Resources Land (CR Land) is teaming up with four of Hong Kong major developers for new projects in the Greater Bay Area (GBA), heeding President Xi Jinping’s call for closer ties between the city and its mainland neighbours.
CR Land, the property arm of China Resources (Holdings), said on Thursday that it had signed separate strategic partnership agreements with Henderson Land Development, owned by Hong Kong’s second-richest man Lee Shau-kee; New World Development, owned by the city’s third-richest man Henry Cheng Kar-shun and his family; K Wah International Holdings, founded by the city’s eight-richest man Lui Che-woo; and Shun Tak Holdings, founded by the late gambling tycoon Stanley Ho Hung-sun.
The parties will “discuss and study the feasibility of cooperation and joint development for potential target land resources and real estate projects, especially in the Guangdong-Hong Kong-Macau Greater Bay Area”, CR Land said.
The announcement came as the Chinese Communist Party’s 20th national congress is under way in Beijing.
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Xi Jinping charts China’s future course at 20th party congress
During the half-decade conference, which kicked off on Sunday, Xi underscored the critical role of Hong Kong as he mapped out China’s direction over the next five years and beyond, and guaranteed full support for Hong Kong to develop its economy, improve people’s livelihood and resolve “deep-seated conflicts” in its economic and social development.
