New World China Land Limited (“NWC” or “the Company”) announced that it has acquired a land parcel in the Wangjiang New Town in Hangzhou for RMB 9.8 billion. The Company will integrate culture heritage and innovation to craft a large commercial and residential complex and a brand-new city landmark for Hangzhou, making the city to glow with new vitality.
The approximately 93,000-sq-m land plot is located in the core area of the Wangjiang New Town, Shangcheng District, Hangzhou, and at the intersection of the two core areas of the West Lake and the Qianjiang New City. With a gross floor area of over 450,000 sqm, the land parcel will be used for residential, commercial and cultural facilities. NWC plans to develop the plot into an urban complex integrating commercial, offices and residential buildings as well as hotels, and to introduce K11 Art Mall for the first time to the city to create an artistic and leisure space for local residents.
The project is located in the important transportation hub of the Yangtze River Delta metropolitan area, and it is adjacent to Hangzhou Railway Station, the Wujiang Road Station of Metro Line 1, and the Chengzhan Station of Line 7 under planning. The site provides convenient links with other cities such as Shanghai, Ningbo and Nanjing, and it connects Hangzhou city’s core areas such as the West Lake and the Qianjiang New City, which will guarantee an advantageous geographical location. To highlight the positioning of Wangjiang New Town as a centre for international exchanges and to fully leverage the geographical advantage of the project, NWC practices the Company’s new brand promise - “Soul of the City” in project design and development. Upholding the brand personality of New World Group “The Artisanal Movement”, the Company will build the project site as the core of the Wangjiang New Town in Hangzhou that carries forward the cultural tradition and integrates innovation. With craftsmanship, innovation and vision, NWC will shape the site into a public place, and comprehensively promote urban functions of the city.
“We are steadily increasing our investment in mainland China according to our own plans and the rules of market development. We will further exploit the Group’s strongest strengths to play the role as a city operator in first-tier cities and city clusters with development potential and create new urban landmarks”, said Mr. Cheng Chi-Kong, Adrian JP, Executive Vice-chairman and General Manager of New World Development Company Limited. Dr. Cheng Kar-Shun, Henry GBM, GBS, Chairman and Executive Director of New World Development Company Limited, also emphasised: “Adhering to NWC’s new brand promise ‘Soul of the City’, we, as a city operator, will build cities in mainland China with souls and profound culture.”
Hangzhou will host the 19th Asian Games in 2022 and it is expected to promote the local social, economic and commercial development. Acquiring a land plot in Hangzhou for the first time, NWC will surely seize this opportunity to integrate architecture and community with the craftsmanship and to create a more interactive residential, art and commercial space for the Wangjiang New Town and to enhance the strength and status of Hangzhou.