SHKP to develop landmark project in Shanghai
( 2003-09-26 11:15) (Xinhua)
Sun Hung Kai Property (SHKP), a major property developer in Hong Kong, has
signed a one-billion-US-dollar agreement in developing a landmark project in
Shanghai in east China, said Walter Kwok, chairman & chief executive of SHKP
on Thursday.
The project, at an estimated cost of HK$8 billion (US$1.02 billion), has an
aggregate gross floor area of 4.5 million square feet (418,000 square meters),
comprising luxury hotels, top-quality offices, serviced apartments and shopping
facilities. It will be developed in phases by 2011, with the first phase
scheduled for completion in 2007.
Kwok also said that SHKP will continue its gradual and selective approach to
invest in the mainland's property sector, focusing on major cities such as
Beijing, Shanghai, Guangzhou and Shenzhen.
SHKP reported that its net profit for the year ended June 30, 2003 was
HK$6.58 billion (US$844 million), a decrease of 23 percent compared with the
previous year.
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