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New World Development to invest $1b in large-scale retail destination in China
Transactions - OCTOBER 20, 2020

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New World Development to invest $1b in large-scale retail destination in China

by Andrea Zander

New World Development Co. has plans to invest more than HK$10 billion ($1.29 billion) to develop a large-scale cultural retail destination in Prince Bay of Shenzhen.

New World Group has been actively developing China’s Greater Bay Area (GBA) with a key focus on Shenzhen, which the firm believes is the “key driving force for the Bay Area.” Situated next to the brand-new cruise terminal in Shekou with a gross floor area of 3.9 million square feet, the Prince Bay project will become the largest harborfront cultural-retail destination in Shenzhen.

Modeling the project on Victoria Dockside, its flagship project in Hong Kong, New World Development will bring top-notch creative design and green initiatives into the project, turning it into the “Victoria Dockside 2.0” that brings in the brand new circular economy model and cultural-retail experience. The Prince Bay project, which is scheduled for completion by stages starting from 2024, is poised to become a new and

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