Hong Kong, China, 6 March – Chinese group Yanlord Land plans to invest US$300 million in transforming a plot of land with a sea view in Zhuhai into a luxury project with hotel, retail and residential areas, the South China Morning Post reported Monday.
According to the paper, the project’s location, which is close to the Gongbei border post between mainland China and Macau, will have an area of 214,500 square meters.
The initial plan for this project, along the Qing Lu toad, in the luxury Jida residential area, includes 120,000 square meters of residential area and the remaining areas are set aside for a five-star hotel with over 400 rooms and an office and retail area.
Last year, RREEF, a division of Deutsche Bank for the real estate sector, set up a joint venture to build a US$225-million residential development in Zhuhai.
With an increasing number of investors in the city, Zhong Shengjian, the chairman of the Yanlord group, which is listed on the Singapore stock exchange, believes that in the future Zhuhai will be a financial district of the Pearl River Delta.
Last December Yanlord, which is headquartered in Shanghai, announced it had joined state Singapore company GIC Real Estate to buy a plot of land in Nanjing for 2.4 billion yuan. (macauhub)