Kwek, who was in the Chinese city in his capacity as executive chairman of Hong Leong Group, noted that Shanghai has “evolved into a truly international metropolis with a strong global presence.”
City Developments’ mixed-use development site in the Xintiandi area of Shanghai’s Huangpu District is “progressing well”, says Kwek Leng Beng, CDL’s executive chairman, in Shanghai on Sept 12.
CDL had jointly acquired the mixed-use site, measuring 27,994 sqm, in downtown Shanghai in November 2024 for RMB8.94 billion or $1.66 billion with its Chinese partner Lianfa Group. CDL’s subsidiary, Chenghong Shanghai, holds a 51% controlling stake in the joint venture (JV) acquisition, amounting to RMB4.56 billion. The remaining 49% equity interest in the JV is held by a wholly-owned subsidiary of Lianfa Group.
