{"id":356712,"date":"2023-08-24T22:14:30","date_gmt":"2023-08-24T14:14:30","guid":{"rendered":"https:\/\/www.mingtiandi.com\/?p=356712"},"modified":"2023-08-29T19:43:38","modified_gmt":"2023-08-29T11:43:38","slug":"kerry-properties-breaks-ground-on-jinling-road-in-shanghai","status":"publish","type":"post","link":"https:\/\/www.mingtiandi.com\/real-estate\/projects\/kerry-properties-breaks-ground-on-jinling-road-in-shanghai\/","title":{"rendered":"Kerry Properties Breaks Ground on Biggest Shanghai Project Yet"},"content":{"rendered":"
\"Kerry

The project sits on parcels of land Kerry bought in June and January 2022 (Image: Kerry Properties)<\/p><\/div>\n

Kerry Properties has broken ground on a project set to provide nearly 93 football fields of finished space in Shanghai\u2019s Huangpu district in what would be its largest development to date in mainland China, the company announced on Wednesday.<\/p>\n

The developer controlled by the family of Shangri-La Hotel tycoon Robert Kuok has officially commenced construction of its Kerry Jinling Road project, which will span 663,000 square metres (7.2 million square feet) of office, residential, retail and hotel space near the city\u2019s Yu Garden landmark.<\/p>\n

\"\"<\/a><\/p>\n

\u201cThrough this project, Kerry aims to promote urban regeneration in Shanghai and to contribute to the city’s high-quality development,\u201d said Kuok Khoon Hua, chairman and chief executive officer of the company. \u201cWe have great confidence in the future growth of the mainland China market and are fully committed to improving urban areas through our projects in mainland China.\u201d<\/p>\n

With the project set to be completed in phases starting in 2027, Kerry\u2019s latest show of confidence in China\u2019s property market puts it in league with some of its biggest competitors in Hong Kong, with both Swire Properties and Hongkong Land ramping up their Shanghai pipelines.<\/p>\n

Developing a $3B Site<\/h3>\n

The Kerry Jinling Road project occupies 10 adjoining plots along East Jinling Road which Kerry acquired in a pair of separate government tenders in June<\/a> and January of last year<\/a>. The company spent a total of RMB 22.1 billion (now $3 billion) to assemble the 216,000 square metre site, or the equivalent of RMB 33,303 per square metre of gross floor area.<\/p>\n

\"Kerry

Kerry Properties CEO Kuok Khoon Hua speaks at the ground-breaking<\/p><\/div>\n

The mega development incorporates 214,000 square metres of office space and 124,000 square metres for high-rise apartments and shikumen-style townhouses. Another 124,000 square metres is dedicated to retail, while the remaining 14,000 square metres is set aside for hotel use.<\/p>\n

Bounded by Ninghai Dong Road and Renmin Road on the north and south, the project will have a direct connection to the Yuyuan Garden station and its two Metro lines, and is within walking distance of landmarks including People\u2019s Square and The Bund, in addition to Yu Garden.<\/p>\n

The project is expected to be completed in phases between 2027 and 2029, with pre-sales for the residential component slated to kick off in 2025, while leasing of the office, retail and hotel is targeted for launch in 2028, according to the company\u2019s annual report.<\/p>\n

As they start their largest project in China in Shanghai\u2019s oldest district, Kerry said that it aims to preserve the architectural heritage of Jinling Road by incorporating the city\u2019s historical arcade buildings, Shikumen houses and \u2018li-long\u2019 alleyways into the project.<\/p>\n

\"\"<\/a><\/p>\n

Kerry Jinling Road marks the company\u2019s third mixed-use mega-development in Shanghai,\u00a0 surpassing its 347,000 square metre Jing An Kerry Centre complex in scale, with that project, which contains the 508-key Jing\u2019An Shangri-La Hotel, having been completed in 2013.<\/p>\n

The company debuted its 253,000 square metre Kerry Parkside complex in Pudong District in 2011, which includes a mall, residential units and the 574-room Kerry Parkside hotel.<\/p>\n

China Expansion<\/h3>\n

Kerry\u2019s ongoing expansion in mainland China parallels efforts by some of the biggest developers from its home city, at the same time that some builders from farther afield have been pulling back.<\/p>\n

\"Kerry

Shovels ready to break some ground on East Jinling Road<\/p><\/div>\n

In June, Hongkong Land touted its $8 billion West Bund Financial Hub<\/a> as the firm\u2019s largest single project investment project ever, noting that the development is twice the size of its entire Central portfolio in Hong Kong.<\/p>\n

\"Yardi<\/a><\/div><\/p>\n

Right next to the 1.1 million square metre commercial project, the Jardine Matheson unit last year added a new residential project<\/a> which is planned to yield at least 526 new homes.<\/p>\n

Last September, Hong Kong-listed Swire Properties announced a plan to develop a sprawling 600,000 square metre mixed-use project in Shanghai\u2019s Qiantan area<\/a>, together with its state-owned partner, Lujiazui Group.<\/p>\n

More recently, local media reports have indicated that Swire plans to buy out Lujiazui Group\u2019s stake in both its existing Taikoo Li Qiantan retail project and in the second Qiantan development, which is planned to be nearly twice as large as the company\u2019s 322,000 square metre HKRI Taikoo Hui joint venture in Jing\u2019An district.<\/p>\n","protected":false},"excerpt":{"rendered":"

Kerry Properties has broken ground on a project set to provide nearly 93 football fields of finished space in Shanghai\u2019s Huangpu district in what would be its largest development to date in mainland China, the company announced on Wednesday.<\/p>\n

The… Read More>><\/a><\/p>\n","protected":false},"author":12201,"featured_media":356725,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[3401],"tags":[4,5382,5359,3013,4985,22],"ppma_author":[8848],"authors":[{"term_id":8848,"user_id":12201,"is_guest":0,"slug":"beatrice-laforga","display_name":"Beatrice Laforga","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/d4be689d8f5a82939d685df6ef171fcb?s=96&d=mm&r=g","user_url":"","last_name":"Laforga","first_name":"Beatrice","description":""}],"_links":{"self":[{"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/posts\/356712"}],"collection":[{"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/users\/12201"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/comments?post=356712"}],"version-history":[{"count":0,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/posts\/356712\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/media\/356725"}],"wp:attachment":[{"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/media?parent=356712"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/categories?post=356712"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/tags?post=356712"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/ppma_author?post=356712"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}