New World China Land plans to spend Yn3bn on two commercial and residential developments in Shanghai, Bloomberg reported. The China property unit of New World Development Co will spend Yn1.5bn on building a retail and hotel complex in the city's Luwan district and another Yn1.5bn on a housing project in the Changning district. Both are to be completed within three years. New World has invested a total of Yn8.7bn in seven Shanghai developments since 1997.
Other Hong Kong developers working on projects in Shanghai include Sun Hung Kai Properties, which is investing US$1bn in a 360,000 sq metre development in Lujiazui, and Henderson China Holdings, which recently said that it would accelerate work on its seven projects in the city.