INNOVATION DRIVES FASHION FORWARD

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Luxury Commercial Real Estate Brands in Hangzhou

September 10,2021

The Three-year Action Plan for Establishing Hangzhou as an International Consumption Hub (2021-2023) (the “Action Plan”) was released in March 2021.

One of the major purposes of the Action Plan is to “gather international resources and optimize high-end consumer goods supply.” Specific measures include "encouraging well-known domestic and foreign brands to set up global, national and regional first stores, flagship stores and experience stores in Hangzhou; attracting top global brands and original designer brands to debut or simultaneously launch new products in Hangzhou; inviting Fortune Global 500 and world famous trading companies to set up global headquarters, Asia-Pacific headquarters and Greater China headquarters in Hangzhou and establish R&D and innovation centers and operation centers etc. in Hangzhou, to enhance the city’s influence and voice in global mid-to-high-end consumption."

According to statistics from the Hangzhou Municipal Bureau of Statistics, Hangzhou’s GDP reached RMB 1,610.6 billion in 2020, an increase of 3.9%, which was 1.6% higher than that of the country. The per capita GDP of the permanent population was about USD 20,000, which according to the latest World Bank country classifications, was in the category of high-income countries. Retail sales of consumer goods totaled RMB 597.3 billion, accounting for 22.4% of that of Zhejiang Province.

The economic aggregate of Hangzhou ranked third among the Chinese provincial capital cities in 2020, which was second only to Guangzhou and Chengdu.

Hangzhou Tower Shopping City has been the best known upscale commercial complex in Hangzhou. As the city grows fast in recent years, an increasing number of premium and luxury brand operators have bid for plots in the city one after another and expanded into the local luxury goods market.

BHG&SKP

On May 7, 2021, the Hangzhou Ruicheng Xinglian Real Estate Co., Ltd., a subsidiary of Beijing Hualian Group (hereinafter referred to as “BHG”), bought the core plot of Hangzhou Qianjiang Century City at auction for RMB 4.832 billion, marking the arrival of SKP, a luxury department store chain of BHG, in Hangzhou.

Hangzhou SKP will become the first high-end commercial complex on the south bank of the Qianjiang River. SKP plans to invest about RMB 16 billion in a large-scale luxury department store and luxury office buildings and introduce two super five-star hotels.

Driven by eastward expansion of Hangzhou in recent years, Qianjiang Century City, where the Hangzhou SKP project is located, has become one of the most sought-after CBDs by real estate developers and one of the main venues for the 2022 Hangzhou Asian Games.

Hang Lung Properties and Hang Lung Plaza

Hang Lung Properties won the bid for the Baijingfang commercial complex plot in Xiacheng District, Hangzhou, in May 2018. The total floor area of the project is 194,000 square meters and the designer is Kohn Petersen Fox. Hang Lung Properties broke ground on the project on September 17, 2019. The first phase of the project is expected to be completed by 2024.

The Hangzhou Hang Lung Plaza is the 11th project Hang Lung Properties launched in Mainland China and Hangzhou the 9th city the company expands into in Mainland China. The Hangzhou Hang Lung Plaza will synergize with the flagship projects of the company in Shanghai and Wuxi.

New World Group &K11

New World Group won the bid for Wangjiang New City at the intersection of Wujiang Road and Jinjiang Road, Hangzhou, on July 30, 2019. "It is the core area of the Hangzhou-Hong Kong High-end Service Industry Demonstration Zone. It will serve as an important portal for high-quality open-up and development of Hangzhou and an innovation platform for China's high-end service industry."

It is reported that the lot area of the project is 116,000 square meters and the floor area 760,000 square meters and the total investment is RMB 23 billion.

The Hangzhou New World Project will introduce K11, ROSEWOOD and other international brands in Hangzhou for the first time. It will be established as a metropolitan complex integrating commerce, business, residence and hospitality. It is also the first commercial complex in China that gathers the five brands of the New World Group.

Sun Hung Kai Properties

The Jianghehui Project is situated at the core area of Qianjiang New City at the intersection of the Qiantang River and Beijing-Hangzhou Grand Canal. It is jointly undertaken by Sun Hung kai Properties, Ping An Real Estate Co., Ltd. and Hangzhou CBD Investment Group.

In August, 2019, the three parties bought the plot at auction for RMB 13.26 billion. The total investment is expected to be RMB 30 billion. The project is adjacent to two metro stations under construction and is just about 15 minutes away by car to the Hangzhou East Railway Station.

The gross floor area is about 836,000 square meters. The project is comprised of office buildings, shopping malls, upscale residences and five-star hotels, etc.

Hong Kong Land and Halo Dream Center

The Hangzhou Halo Dream Center started construction on September 1. The project is expected to be completed by 2024 and put into operation by 2025.

The Hangzhou Halo Dream Center is situated at the core area of Xiaoshan Innovation Polis. The total construction area is about 235,000 square meters. The project is jointly undertaken by Hongkong Land, YANLORD LAND and a local company. It is the first commercial complex of Hongkong Land in Hangzhou after WF CENTRAL, Beijing, and LCM, Shanghai.

The Halo Dream Center aims to provide a unique, thematic commercial space and social space for young families and young people that are in pursuit of a stylish lifestyle.

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