Hong Kong property developer New World Development (NWD) expects its investments in China, particularly in the Greater Bay Area (GBA) development zone, to generate double-digit growth over the next few years, as per the CEO who spoke at the 24th Credit Suisse Asian Investment Conference on Monday. As per CEO Adrian Cheng Chi-Kong, their investments in the zone is the largest among its peers in Hong Kong, investing over $3bn in the last 5 years with 62% of its 5.6mn square metres of land in China in the GBA. NWD expects a CAGR of 25%-30% in Chinese rental growth and contract sales to compound at double-digits. The GBA zone is expected to see Beijing develop it into a business hub similar to those of San Francisco and Tokyo. GBA contributed 76% of NWD’s $1.7bn of contract sales in China in 2H2020. As borders reopen and vaccinations improve, the CEO is optimistic about growth.
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