CapitaLand to explore new investments in Zhejiang Province

CapitaLand China, a subsidiary of Singapore-based CapitaLand, has signed two Memoranda of Understanding (MoUs) to explore developing and managing large-scale business park and township projects in Ningbo and Jiaxing.

Ningbo and Jiaxing are considered the two fastest-growing cities in Zhejiang Province, east China.

“An eastern coastal province next to Shanghai, Zhejiang is one of the most densely populated and affluent Chinese provinces whose fortunes have been rising under China’s Belt and Road Initiative. Ningbo and Jiaxing, together with Hangzhou, form the dynamic economic hub of Zhejiang’s Greater Bay Area,” said Lucas Loh, CEO of CapitaLand China.

Under the MoU with Ningbo’s Haishu District Government, CapitaLand will explore investing in a business park comprising research & development facilities, offices, residences, and civic and community facilities that supports Ningbo’s push to attract higher-tech manufacturing industries under China’s Made in China 2025 blueprint. In another MoU with Zhejiang Communications Investment Group Co., Ltd., CapitaLand will explore investing in a new-generation township comprising integrated developments, offices, residences and serviced residences built around Jiaxing’s high-speed rail (HSR) station in Yuxin area.

“In tandem with China’s rapid urban development, CapitaLand has grown our real estate business across asset classes, and sharpened our development and operational capabilities to address China’s urbanization needs,” said Lim Ming Yan, president and group CEO of CapitaLand Group.

In China, CapitaLand has a total gross floor area (GFA) of 237 million square feet and business presence across 41 cities. To date, the Group owns and manages 23 integrated developments with more than 67 million square feet of GFA in China’s first- and second-tier cities. In addition, CapitaLand’s five township projects in Chengdu, Shenyang, Wuxi and Xi’an span a combined GFA of about 65 million square feet. In Guangzhou, CapitaLand’s urban renewal project in Liwan District is making good progress, and the site’s first residential development will launch next month.

“Under CapitaLand’s core city clusters strategy, we are one of the earliest foreign investors in the region and today, two of our signature Raffles City developments can be found in Hangzhou and Ningbo,” said Loh. “In Ningbo, we have a second integrated development in the city’s Jiangbei District, which is currently under construction. We continue to eye expansion opportunities in Zhejiang as the region’s economic prospects are set to receive a boost under China’s Made in China 2025 blueprint, which aims to transform the country’s manufacturing industry into a smart, high-quality sector.”