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Hong Hong Kong listed property firm Shui On Land has announced that its subsidiary, Shanghai Ruilou Enterprise Management is forming joint venture with the China’s state-owned firm Shanghai Pucheng to implement an redevelopment plan in Pujiang Town in the Minhang district in Shanghai, China.
The plan will see the renovation the Zhaojia Lou Ancient Town, an area designated as a priority by officials of the Shanghai municipal government to be a candidate for urban development. It is known for its canals as well as the earliest water towns, it has become an extremely popular tourist destination. The year 2015 saw it being declared as an AAAA tourism attraction according to Chinese authorities, meaning that the region is visited by more than 500,000 people each year. The area is situated close to Shanghai Shenjiahu Expressway Shanghai Shenjiahu Expressway and the Shanghai North-South Elevated Road, the area is surrounded with two lines of subway.
The Shui On Land Shanghai Pucheng partnership will take on the development of land parcels in Pujiang Town. The parcels extend up to Jiageng Road to the east, Yaojia Bang to the south, Huichi Road to the west as well as Xiaoyan Lake to the north.
According to a press release from Shui On Land, the new development will feature commercial, residential and other facilities. The joint venture will aim to safeguard the unique heritage and tradition of Pujiang Town, and redevelop it to become an “new iconic landmark in Shanghai”.
“Over the last three decades, Shui On Land has gained a position in Shanghai and has been involved in numerous urban renewal initiatives that have demonstrated abilities in master planning, community operations, cultural preservation and urban renewal,” claims Jessica Wang, CEO of Shui On Land.
She explains that the company is also working on a massive urban reconstruction project located in Shanghai located at Panlong Tiandi. “Our accomplishments on Panlong Tiandi is a testament to our success. Panlong Tiandi Project is testament to the group’s abilities in urban-village improvement, and gives an assurance in prospects of the Zhaojia Lou project,”” Wang adds.
Shui On Land is the principal property development firm that is part of the Shui On Group, a construction and building materials company established by Hong Kong billionaire Vincent Lo.