Chow Tai Fook Enterprises Limited (“CTFE”) and New World Development Company Limited (“NWD” or “the Group”) jointly held a ground-breaking ceremony on 27 March for their Qianhai Headquarters project (“the project”) located in Guiwan area, Qianhai Free Trade Zone, Shenzhen. CTFE and the Group own 70% and 30% of the joint venture, respectively. New World China Land Limited (“NWCL”) has been entrusted with the project development.
The project will serve as the head office for both CTFE and the Group in mainland China in the hope of attracting Fortune 500 foreign financial institutions to set up their headquarters in Qianhai. The project ultimately aims at developing a world-class financial and commercial complex as well as facilitates the economic and financial development of Qianhai. This is the Group’s second Qianhai project following the landmark Chow Tai Fook Global Goods Shopping Center (“HOKO”), a testament to their full confidence in the future of the Free Trade Zone.
Building a World-Class Business Hub with The Artisanal Movement
Situated at the junction of five metro lines in the core area of Qianhai’s financial and commercial hub, the project’s location is especially desirable. The site covers a total area of approximately 18,218 sq. m and it will boast a permitted gross floor area of 170,000 sq. m, of which 148,360 sq. m is designated for office use. A total investment of RMB 8 billion is expected to go into the project, which will come with shopping malls, art galleries, green gardens, performance venues, and twin towers standing at 200m and 130m, respectively. The project is expected to be completed before 2021.
Dr. Adrian Cheng, Executive Vice-chairman and General Manager of NWD, said – “Combining creativity with tradition, the Group will apply the kind of craftsmanship to the Qianhai project that distinguishes The Artisanal Movement,” The theme of the project deals with valleys and green gardens, embellished with annexes (formed by towers and terraces) to inspire a compelling image of a “financial valley”. Vertical gardens are complemented by overhanging green spaces with a touch of rustic texture. The concepts of business aesthetics and a creative office blend into the project’s towered office spaces and commercial annexes, which give birth to an image of a brand-new landmark characterised by a world-class business environment and multi-faceted complex of finance and commerce.
Boosting Qianhai’s Headquarters Economy & Finance Industry
Designated as the demonstration zone for promoting the innovation of and cooperation between Guangdong-Hong Kong modern service industry, Qianhai has been targeted to spearhead the Greater Bay Area Initiative, and has been tasked with the mission of reforming the country’s modern service industry and financial sector. Over 160,000 registered firms are now operating in the free trade zone with almost half of them coming from the financial sector while multi-national firms and major national corporations, one after the other, are making their entry into the zone. Qianhai as the nexus of international finance and a headquarters economy has begun to take shape.
Emboldened by its own industrial expertise and vision for the Qianhai free trade zone, the Group acquired the project land parcel at RMB 4.2 billion as part of its strategic planning for mainland China. The project will feature the Group’s headquarters in China with the intention of attracting overseas financial institutions listed in the Fortune 500 to set up their head offices in Qianhai as well. The project also aims to expedite Qianhai’s financial and economic development, and introduce a new order to the district’s business activities. The Group believes that this project will upgrade the district’s financial sector and modern service industry in terms of value and innovation.
Focus on Key Cities and the Greater Bay Area
The Group has always been confident about the future development of Shenzhen and the Greater Bay Area as shown by the several projects launched there already, including the Group’s first venture into Qianhai; completing HOKO in just 120 days, the second venture into Qianhai after the land parcel acquisition intended for the project; the acquisition of four high-quality land parcels in Prince Bay intended for premium grade A office facilities as a showcase framework for future bay cities across the world; and the signing of a strategic cooperation agreement in Jan 2018 with the Lo Wu Government for in-depth cooperation based on the “Port Economic Belt at Man Kam To Crossing,” handling the area’s renovation projects, expanding the peripheral areas, and developing Lo Wu into an international shopping centre. Dr. Henry Cheng Kar Shun, Chairman and Executive Director of NWD, has emphasised on several occasions that the Group must deliver results in terms of its business operations in Mainland and Hong Kong, saying- “The Group will continue to place great emphasis on its business development in mainland China, and we will focus on those major projects that offer the greatest developmental potential.”
The way the Qianhai project is now proceeding clearly shows the Group’s determination to make larger investments on the mainland by taking full advantage of the opportunities being generated by the Greater Bay Area Initiative. NWCL will continue to make good use of its own business advantages and rich resources to optimise its strategic planning, and to help develop the Greater Bay Area into an international city metropolis intent on becoming a trailblazer in the globalising regional economy.