Sun Hung Kai Properties to invest RMB 2 bln in Suzhou project

Hong Kong-based Sun Hung Kai Properties Ltd<16> plans to invest up to RMB 2 billion in a commercial and residential complex in Suzhou, a city in China's Yangtze River Delta, the South China Morning Post reported today.

The project will be conducted at three plots in the city, located on the north of Suiyuan Road, the north of Airport Highway and east of Wanghu Point respectively. The Hong Kong-based real estate giant has acquired the land parcel in Suzhou Industrial Park (SIP) for RMB 1.54 billion with SIP Genway Group at public bidding on Dec. 6, according to the city government website.

The deal showed the company's determination to cash in on the Yangtze River Delta, as it encompasses a GDP of some US$2 trillion, which is 21% of the national economy.

In September, Sun Hung Kai's Executive Director Michael Wong disclosed at a press briefing the developer plans to increase its investment in China to RMB 77 billion within the next three years to tap on mainland's booming real estate market.

Sun Hung Kai's shares rose 1.33% to HK$160.1 on Friday and are traded at HK$155.1 at 10:35am.