Hang Lung in Dalian, Wuxi investments

Hong Kong developer Hang Lung Properties has purchased two pieces of land in mainland China for a total of about US$733 million, the Wall Street Journal reported. The investments, which include a US$659.35 million deal in Dalian to build a shopping mall and a US$60.8 million purchase in Wuxi, near Shanghai, are seen as a sign of renewed faith in China’s property market. Hang Lung’s purchases are seen as part of a gradual return of commercial developers to mainland China, and follows a US$134.8 million investment by Shanghai Shimao Commercial Group earlier this month – its first since January of last year – to develop a mixed-use property in Qingdao.