Hongkong Land Marks New Milestone for West Bund Financial Hub at Foundation Stone Laying Ceremony

The West Bund Financial Hub, under development by Hongkong Land, saw its latest milestone on 18th October 2020, at a foundation stone laying ceremony attended by honourable officials of the Shanghai Municipal People’s Government and Xuhui District People’s Government, Hongkong Land senior executives, and senior leaders from Shanghai’s business and financial sectors.

The landmark project represents a unique opportunity for Hongkong Land to develop and operate a commercial complex of scale in a prime river-front location in Shanghai, the predominant commercial hub of the Chinese mainland. Hongkong Land intends to leverage its extensive experience in developing and managing best-in-class prime properties across Greater China and Southeast Asia, including its iconic buildings in Hong Kong and Singapore, to deliver a waterfront development that will be highly techenabled, sustainable and liveable.

Acquired on 20th February 2020, the 23.1-hectare mixed-use West Bund Site is located on the prestigious riverfront location of Shanghai’s Xuhui District. Following the Municipal and District Governments’ ambitious plans to create a new international financial centre, the project is moving forward according to schedule and will be developed over five phases until 2027, with a total developable GFA of over 1.1 million sq. m. Design and planning is currently underway and construction is expected to start from early 2021. Upon completion, the project will comprise Grade-A offices, a retail mall, luxury hotels, residences, a convention centre as well as cultural, sports and other facilities.

Robert Wong, Chief Executive of Hongkong Land, said, “The West Bund Financial Hub project is swiftly moving ahead, with strong support from the Municipal and District Governments as well as business leaders in Shanghai. We are proud to capitalise on Hongkong Land’s unparalleled experience and resources in prime property development and management, as well as our reputation for bringing ambitious plans into fruition. With the total investment for the West Bund Financial Hub estimated at approximately US$8 billion, we look forward to pushing on with the next step in this landmark development following the recent foundation stone laying ceremony.”

Mr. Ling Chang Feng, Executive Director, China Property of Hongkong Land, said, “With a history of more than 130 years, Hongkong Land has built up a solid foundation in developing and managing best-in-class prime property for long-term investment on the Chinese mainland and across the region. While the past year has presented challenges to people and businesses around the globe, we are undeterred from our commitment to develop this peerless new commercial complex of scale. We believe in the future of Shanghai and we are honoured to move ahead with the project, in full alignment with the Government’s aspirational vision for the development.”

The West Bund Financial Hub development is expected to compete with existing commercial centres such as Lujiazui (Pudong), Huangpu, Jing’an and Xujiahui to be the most prestigious in Shanghai. The project is already generating significant interest amongst firms in the financial and technology sectors. Along with honoured Government guests and Hongkong Land representatives, the recent foundation stone laying ceremony was attended by senior leaders from 15 financial institutions and professional service providers. Hongkong Land has an unrivalled track record in shaping international financial centres of Asian gateway cities including Hong Kong and Singapore. Having multiple pillars of support, including Municipal and District Governments and businesses in key highgrowth industries, the new project is poised to set new benchmarks in Shanghai and will further pave the way for Hongkong Land’s future growth in Greater China and Southeast Asia.