[photopress:shuiOnLakeville_1.jpg,full,alignright]China’s austerity measures have failed to curtail the expansion plans of Shui On Land (0272) as the developer prepares to put 86 homes with a cumulative price tag of RMB400 million on sale. They are part of the Hong Kong- based real-estate firm’s Lakeville Regency project in the Lu Wan district of Shanghai.
Shui On has already sold 365 flats at the project bringing in a total of RMB3.5 billion.
Jacqueline Chu, senior manager of residential sales and marketing,said, ‘We need not make adjustment for selling prices as the government’s tightening measures target more of the office sector in Shanghai, casting little effect on the housing market.’
Shui On Land founder chairman Vincent Lo Hong-shui has also built a 10,000 sq ft detached house adjacent to the residential project. The massive expansion plan of Lo, who joined Forbes‘ list of billionaires last year, also includes tens of thousands of square meters of land in the east of Lakeville.
The huge property currently consists of old houses built for the less privileged. To pave way for its expansion, Shui On has already won the right to demolish those houses, Chu said. The company did not give any details about the relocation of the residents.
Source: The Standard
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