Sun Hung Kai speeds up Greater Bay Area expansion, buys site in Guangzhou's Nansha district for US$178m

Sun Hung Kai Properties, Hong Kong's most valuable builder, said that it has bought a commercial plot near the high-speed railway station in Nansha " the geographic heart of the Greater Bay Area in Guangzhou " for 1.19 billion yuan (US$178 million).
The site, close to Qingsheng station on the Guangzhou-Shenzhen-Hong Kong Express Rail Link, will yield a gross floor area of 262,619 square metres, according to Guangzhou Public Resources Trading Center, a department of Guangdong province that oversees transactions of public resources, including land.
The purchase was unveiled a day after the developer said it would actively explore development opportunities in the Greater Bay Area, Beijing's plan to link Hong Kong, Macau and nine mainland cities into an integrated economic and business hub to rival Silicon Valley or the Tokyo Bay Area.
"We have our eyes on transport-oriented development where you have multiple railways and high-speed trains," Adam Kwok kai-fai, executive director of Sun Hung Kai Properties, said during the company's interim results briefing on Wednesday.
He said that the developer would use its experience in building the New Town Plaza shopping centre above Sha Tin station and PopWalk mall in Tseun Kwan O.
Adam Kwok Kai-fai, executive director of Sun Hung Kai Properties. Photo: Winson Wong
Kwok said that the company would be doing such projects on an even bigger scale in China, adding that their years of experience in Hong Kong and Shanghai will come in handy.
Last May, SHKP had a bought another plot next to the one it acquired this week.
SHKP said it would develop the two combined sites into an integrated commercial complex based on the transit-oriented development model.
Qingsheng station is about an hour from Hong Kong's West Kowloon station by the high-speed rail link.
Sun Hung Kai Properties developed the New Town Plaza shopping mall in Sha Tin. Photo: Handout
"SHKP is committed to, and has been playing an active role, in developing the Greater Bay Area. The group will continue to look for prime sites in the area for development into premium quality projects," the company said.
SHKP has spent about HK$1.7 billion (US$216.5 million) in buying land in Nansha alone and the company said that it will continue to look for prime sites in the area.
This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2019 South China Morning Post Publishers Ltd. All rights reserved.
Copyright (c) 2019. South China Morning Post Publishers Ltd. All rights reserved.