Pedestrians cross a road in the Xintiandi shopping area in Shanghai last year. Photographer: Raul Ariano/Bloomberg
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Hong Kong billionaire real estate developer Vincent Lo has for decades been known as “Mr. Shanghai” over his enthusiasm for the international business hub. Among his best successes, Xintiandi — launched in a dilapidated part of central Shanghai in the 1990s — is today an iconic tourist and nightlife district that attracts thousands of visitors daily to retail spots that range from lululemon to Shake Shack.
Shui On Land, Lo’s flagship business, today unveiled its latest move in the city in a Hong Kong Stock Exchange filing. Shanghai Zhaolou, a non-wholly owned subsidiary, agreed to pay 664.3 million yuan, or approximately $95 million, for land use rights for a project in the city’s Minhang district.
The “Zhaojia Lou Project” will preserve the unique history and culture of Pujiang Town in Minhang; the land is expected to develop into a new landmark in Shanghai, consolidate Shui On’s leadership in urban renewal in the city, and enhance Shui On’s “market share and influence in Shanghai’s residential market” the announcement said.
Shui On said it will hold 60% of the project, and fund its investment through internal resources.
Much of China’s real estate market is in a deep slump that has erased once high-profile billionaires such as Evergreen Group’s Hui Ka Yan from the ranks of the country’s richest. However, prices of newly build Shanghai high-end property outperformed last year, benefitting Shui On, whose Hong Kong-traded shares have risen 11% in the past 12 months.
Shui On Land Chairman Vincent Lo pictured while attending a forum in China in 2023. (Photo by Luo Yunfei/China News Service/VCG via Getty Images)
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Lo, 77, is worth $1.5 billion on the Forbes Real-Time Billionaires List today. Lo chairs Shui On; his daughter and heir apparent Stephanie Lo is vice chairman.
