New World China Land (NWC), the mainland unit of Hong Kong developer New World Development (NWD) has announced an investment of HKD 5.7bn ($732mn) into a urban renewal project in Guanzhou. This is 7th and the largest such urban renewal investment in China by the company so far, with the mammoth project yielding a total gross floor area of 7mn square feet. Chinese authorities have been pushing for greater urbanization to relieve the pressure on the current urban centres with limited new land supply. NWC will develop the project with the village of Lianxing in Guanzhou’s Haizhu district. The announcement comes close on the heels of a similar project in Shanghai announced earlier this month by Swire Properties, another HK based developer.
NWD’s 6.25% Perps callable in March 2024 traded ~0.4 points lower to 104.97 currently.
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