Shanghai’s trendy Xintiandi nightlife district has been a magnet for city visitors for more than two … [+] decades.
Shui On Land, the Hong Kong real estate development company controlled by billionaire Vincent Lo, has submitted an application to the Hong Kong Stock Exchange to spin off and separately list 13 commercial investment properties that include Xintiandi, an iconic Shanghai tourism district.
The spinoff, to be called Shui On Xintiandi, would also include its commercial and residential property management business and commercial asset management business.
The spinoff’s commercial property assets would span five cities – Wuhan, Nanjing, Foshan and Chongqing, in addition to Shanghai. (Click here for details.)
Xintiandi, an adjoining lake and an adjacent park are part of a larger development area called “Taipingqiao” launched in 1996 by Hong Kong developer Shui On Land. Its 22-blocks are part of a swath of central Shanghai popular among Hong Kong developers in the 1990s when the city was in the early phase of the country’s post-Mao economic boom. The then dilapidated residential area covered with distinctive “longtang” residences and “shikumen” stone-framed gates has become been a trendy, award-winning landmark since its completion in 2001. Thousands of visitors pass daily by area retail shops that include Burberry, Sephora, Tom Ford, Swatch, Lululemon, Tesla and Bose.
Shui On Land’s billionaire chairman Vincent Lo. Photographer: Giulia Marchi/Bloomberg
(C) 2017 Bloomberg Finance LP
Lo’s family is one of Hong Kong’s most successful business clans. Vincent is worth $1.9 billion on the Forbes Real-Time Billionaires List today.
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