Hong Kong’s US$1.3 billion Northern Metropolis property JV shows CR Land and NWD’s support for city’s development, says chief

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Hong Kong project to create a new core business district that offers lifestyle choices, space for emerging industries, and a diverse range of cultural and leisure amenities

Venture partner New World Development’s CEO says the project would unlock agricultural land value and generate significant returns for shareholders

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Peggy Sito

Published: 2:08pm, 27 Dec 2023Updated: 2:22pm, 27 Dec 2023

The HK$10 billion (US$1.3 billion) property development venture with Hong Kong’s New World Development (NWD) in the Northern Metropolis area indicated Beijing-controlled China Resources Land’s (CR Land) support for Hong Kong’s economic development and long-term prosperity, the chief of the state-backed company said on Wednesday, confirming an earlier report by the Post.

CR Land has been actively exploring opportunities in the Northern Metropolis area since the Hong Kong government introduced the project in 2021, said Liu Xin, chairman of China Resources Land, the property unit of state-controlled conglomerate China Resources Group.

" CR Land and NWD signed a strategic partnership agreement in October 2022 with a vision to jointly explore prospects for cooperation in the development of the Northern Metropolis,” Liu said in a joint press release on December 27 following plans to co-develop two sites in Yuen Long.

The signing ceremony was attended by Chang Ying, vice-president of CR Land, Sitt Nam-hoi, executive director of NWD, Wang Songmiao, the secretary general of the Liaison Office in Hong Kong, and Wang Xiangming, chairman of China Resources Group.

According to Adrian Cheng Chi-kong, chief executive of New World Development, the project aims to create a new core business district that offers lifestyle choices, space for emerging industries, and a diverse range of cultural and leisure amenities.

Cheng said the project would unlock agricultural land value and generate significant returns for shareholders.