petdayShui On Land, a Hong Kong-listed property company, has announced that its subsidiary Shanghai Ruilou Enterprise Management has formed a joint venture with state-owned enterprise Shanghai Pucheng. The joint venture is for the purpose of executing a redevelopment project at Pujiang Town, in the Minhang district of Shanghai, China.The project will revamp the ancient Zhaojia Lou Town which is already recognised with a AAAA tourist attraction status by Chinese authorities. This is due to the area’s canals, water towns, and 500,000 annual tourists. Moreover, the area is accessible to two subway lines and flanked by the Shanghai Shenjiahu Expressway and the Shanghai North-South Elevated Road.The joint venture between Shui On Land and Shanghai Pucheng will handle the redevelopment of the land parcels located in Pujiang Town. The area stretches from Jiageng Road to the east, Yaojia Bang to the south, Huichi Road to the west and Xiaoyan Lake to the north.The new development will contain residential, commercial and ancillary facilities. It is expected to protect the unique history and culture of Pujiang Town as well as to create a new landmark of Shanghai.This is not the only large-scale urban renovation project taken on by Shui On Land. Jessica Wang, CEO of Shui On Land mentioned that the group is also in the midst of executing a similar project in Shanghai at Panlong Tiandi. She believes that their success at the Panlong Tiandi project gives them confidence in the prospects of the Zhaojia Lou project.Shui On Land is the property development company of the Shui On Group, which is owned by Hong Kong billionaire Vincent Lo. With over 30 years of urban renewal experience, the group looks forward to developing Pujiang Town into a unique and successful landmark.
