Shui On Land Ltd, the Shanghai-based real estate developer,
plans to double its land bank in China over the next three years,
Chairman Vincent Lo said yesterday.
Hong Kong-listed Shui On now has 12.3 million square meters of
developable land in China, Lo said in an interview with
Bloomberg News in Singapore. The developer aims to expand
in areas including Wuhan and Chongqing cities and the southwestern
provinces of Guizhou and Yunnan, he said.
Shui On, which first sold shares to the public in Hong Kong in
October, has been expanding outside of Shanghai. The company
announced in May that it will invest in a software park in the
northeastern city of Dalian.
"Most of the cities in China are undergoing major economic
transformation," Lo said. "We are targeting regional centers."
Chinese property companies have raised US$3.9 billion in Hong
Kong initial public offerings this year as housing prices in China
posted the fastest increase in almost two years. Rising household
incomes, combined with borrowing costs that have failed to keep
pace with inflation, are driving prices higher.
Shui On's shares fell two percent to 7.85 HK
dollars?(US$1.01) in Hong Kong yesterday. The stock has gained
16 percent this year, lagging behind a 20 percent increase in the
benchmark Hang Seng Index.
(Shanghai Daily September 11, 2007)
