New World China Land Limited (“NWCL” or “the Company”) has begun building work on its landmark project on Yongning Street, Changgang Village, Zengcheng District, Guangzhou. The aim of this project is to convert Zengcheng District into China’s Silicon Valley, which is specifically designed for young elites to live, work and socialise. It is poised to become the Company’s landmark commercial and residential complex in the eastern part of Guangzhou. As NWCL’s latest property in Guangzhou, this mega complex, now under construction, is slated to become the new urban landmark following the launch of Guangzhou Chow Tai Fook Finance Centre (East Tower).
Landmark Construction Starts Five Months after Land Acquisition
In December 2016, NWCL’s management announced publicly in Guangzhou that the Company would be launching more new projects in the future. In October 2017, the Company acquired a land parcel in Zengcheng District for RMB 2.085 billion. The construction work began just five months later, a testament to NWCL’s strengths in terms of project execution and strategic prowess.
The Zengcheng comprehensive development project covers a total area of 35,245 sq. m. and boasts a building area capacity of 250,000 sq. m., with 138,500 sq. m. planned for business and commercial development, 87,500 sq. m. for residences (including public facilities), and 24,000 sq. m. for hotel. The project will be developed into a mega complex comprising shopping malls, residential units and hotel with the total investment amounting to RMB 5 billion. The commercial and residential complex, set to become a landmark building in the eastern part of Guangzhou, will be topped off with mega twin towers no lower than 240 m. The project is expected to be completed in November 2021.
New World Group has high hopes for the project. “The Zengcheng project represents a strong symbol of New World Group’s continuing expansion throughout the southern China region,” said Dr. Henry Cheng Kar Shun, Chairman and Executive Director of New World Development Company Limited, following the land acquisition.
Two Zengcheng Ventures Expedite Local Economic/Industrial Growth
When NWCL first ventured into Zengcheng in 1999, it completed Xintang New World Garden with a total area of around 500,000 sq. m., which has since emerged as a local landmark. In 2015, Zengcheng was absorbed into the overall grand Guangzhou expansion plan and has become a district. Since then, Zengcheng has expanded rapidly while benefiting enormously from the growing infrastructure of Guangzhou’s metro area. The resultant spillover effects have led to the influx of industry, technology, a workforce and knowledge into Zengcheng, speeding up the pace of the district’s overall development. Within a few years, Zengcheng’s traffic networks improved, education standards rose and prominent corporations such as Foxconn set up offices in the district. At the same time, Zengcheng is expected to produce two 100-billion-RMB project clusters with the emergence of an advanced industrial facility. Also, it will benefit from excess human capital and industrial transfers from the city centre of Guangzhou. Therefore, with all of these positive advantages, Zengcheng is now entering a new phase of economic development.
NWCL’s re-entry into Zengcheng was brought about through the tremendous opportunities promised by China’s Greater Bay Area Initiative. Located in the CBD of eastern Guangzhou at the heart of the city’s traffic networks, the new complex will be conveniently situated near the vicinity of the Guangzhou–Dongguan–Shenzhen Intercity Railway as well as subway lines 13, and also near to key rail lines that run between Guangzhou and Shenzhen, among many other rail line connections. This project indeed offers geographically desirable advantages.
To fully accommodate both property development and talent introduction, NWCL will continue to implement the spirit and substance of The Artisanal Movement, which has been enthusiastically advocated by Mr. Adrian Cheng, Executive Vice-chairman and General Manager of New World Development Company Limited. Characterised by superior craftsmanship, ingenuity and inventiveness, The Artisanal Movement combines a green philosophy and design concepts of ‘co-work co-live co-play’ to build an international smart community in eastern Guangzhou. Being a round-the-clock ecosystem of business and commerce, the community will be a magnet to attract talent from all over the world, facilitating a great deal of economic development in Zengcheng District.
Focus on First-Tier Cities and Greater Bay Area
As one of the Hong Kong pioneer entering the China property market, NWCL is well-equipped to launch a series of major projects in mainland China. With particular expertise in skyscraper development, the Company has left an indelible commercial landmark in every city it has ever set foot in. An NWCL architectural masterpiece, the 530-metre-high Chow Tai Fook Finance Centre is now the tallest and the most iconic edifice to grace the Guangzhou skyline. Further up north, the 530-metre-high Tianjin Chow Tai Fook Finance Centre is set for completion in 2018.
NWCL is confident and passionate about real estate development in mainland China. After optimising the regional structure of China’s market, NWCL will further turn its focus on the Greater Bay Area as well as first- and second-tier cities. The Zengcheng project is currently playing a crucial role in the Company’s grand scheme for the Greater Bay Area.