Advertisement
Exclusive | State-owned China Resources teams up with Hong Kong’s New World to develop US$1.3 billion Northern Metropolis residential project
- It marks the first major involvement of a large Hong Kong-based Chinese enterprise in the planned innovation and technology hub
- The site in the southern part of Yuen Long is expected to be developed into some 2,000 residential units
Reading Time:3 minutes
Why you can trust SCMP
2
China Resources Group, a state-controlled conglomerate, has teamed up with Hong Kong’s New World Development for a collaborative venture worth HK$10 billion (US$1.28 billion) in the city’s Northern Metropolis mega project, according to sources familiar with the matter.
Advertisement
The partnership marks a milestone as the first major involvement of a large Hong Kong-based Chinese enterprise in the planned innovation and technology hub in the northern New Territories.
In the initial phase of cooperation, China Resources, through its Hong Kong-listed property unit China Resources Land, has agreed to invest in a plot of land owned by New World Development, according to the sources, who requested anonymity.
It aligns with Beijing’s recent call for cooperation between the special economic zone of Qianhai in Shenzhen and Hong Kong’s Northern Metropolis, with the aim of strengthening the development of the Greater Bay Area.
The site, covering an area of around 150,000 square feet in the southern part of Yuen Long, is expected to be developed into some 2,000 residential units. The total value of the development is expected to be HK$10 billion upon completion, one of the sources said.
05:14
Farmers forced to leave their land to make way for Hong Kong government’s redevelopment plan
Farmers forced to leave their land to make way for Hong Kong government’s redevelopment plan
China Resources and New World Development were unavailable for comment when contacted by the Post.
Advertisement