Magazines Archives - 2009 September

Shui On, Redevco team up to develop Wuhan mall
Story 11 - Property Update

Hong Kong’s Shui On Land Limited has entered into a strategic partnership with Redevco, a major European retail real estate group, to develop a shopping centre in the Wuhan Tiandi Commercial Cluster, a multi-faceted project that is set to transform China’s Wuhan City, the capital of Hubei Province.

The memorandum was signed two months ago by Vincent Lo, chairman of Shui On Land, and Dominic Brenninkmeyer, chairman of Redevco.

“I believe Redevco’s international exposure and expertise in retail real estate, together with Shui On’s unique business model and successful experience in the Chinese market, will enhance the quality of the [local] commercial community as well as to act as a driving force in the Chinese retail real estate market,” said Lo at the signing ceremony.

Brenninkmeyer added: “This collaboration means the first step in [our] long-term commitment to the Chinese market. In addition to our European portfolio, we aim to build an Asian retail property portfolio, in line with our strategy of geographical diversification.”

Robert Lie, managing director Redevco Asia, said: “We believe our professionalism in the industry, combined with Shui On’s experience and expertise in the Chinese market, will start a new page in the retail real estate market in China and form a firm foundation for Redevco to grow in Asia.”

Wuhan Tiandi Commercial Cluster is a part of the Wuhan Tiandi project with a total gross floor area (GFA) of 500,000sqm. When completed, it will house grade-A offices, a five-star hotel and high-end department stores. The shopping centre being developed by Shui On and Redevco occupies a GFA of 100,000sqm. The estimated total investment for the mall will exceed Rmb2 billion (approximately US$293 million). Commencing in the fourth quarter of 2010, construction of the joint project is scheduled to be completed in 2012.

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