NWC Obtains the Land Parcel in Zengcheng at RMB 3.4 Billion Promoting the Renovation of Old Villages and Building an International Community in Eastern Guangzhou

New World China Land Limited (“NWC” or “the Company”) announced that the Company has obtained the land parcel “83101234A19094” of Tagang Village, Yongning Street, Zengcheng District, Guangzhou at a reserve price of RMB 3.4 billion. It is the second time that NWC has acquired the land of Zengcheng District following the New World Zengcheng Comprehensive Development Project since 2017. It is the first reserved land development project carried out by NWC, and it will help local villagers to increase the value of the land. At the same time, the Company has reached a cooperation agreement with the Dawanggang community under the jurisdiction of Tagang Village on the renovation of old villages. Earlier, NWC has developed the intention to cooperate with Shancun, Liwan District and Nanji Village, Haizhu District in Guangzhou for the reconstruction and renovation of the old cities. In the future, the Company will continue to promote the renovation of cities in the Greater Bay Area.


The parcel obtained by the Company through bidding is Class 2 residential land located in Yongning Street, Zengcheng District, Guangzhou, covering an area of about 92,000 sqm. The gross floor area of the project is over 320,000 sqm, including about 70,000 sqm of housing resettlement that will be repurchased by the government at cost. The total investment expected for the project exceeds RMB 5 billion. To put the brand promise “soul of the city” into practice, the Company will develop the land parcel into a large international residential community that meets people’s needs for a high-quality living environment. NWC will also promote the upgrading of local supporting facilities to generate synergies with the Zengcheng Comprehensive Development Project, and to infuse the Company’s values as being a humanistic city maker into the project. As always, NWC actively responds to the policy on the “renovation of old towns, old factories and old villages” introduced by the Guangdong Provincial Government by participating in the renovation of old cities and increasing its residential land reserve in the Greater Bay Area.


Located in the Zengcheng Economic and Technological Development Zone and the Guangzhou-Shenzhen Science and Technology Innovation Corridor, the superior geographic advantage of the land parcel as well as the many enterprises gathered in the area such as Foxconn, SDP and the Guangzhou Eastern (Zengcheng) Car Industrial Base means that the project boasts huge potential for development as this area will continuously attract high-caliber talents and drive the upgrading of residential and consumer demands. In terms of transportation, the project is adjacent to the eastern transportation hub of Guangzhou, and transportation lines such as the Guangzhou Metro Line 23 and the extended Guangzhou-Dongguan-Shenzhen Intercity Railway will be built around the land parcel. Meanwhile, Zengcheng, being close to Guangzhou, can facilitate the development of major cities such as Dongguan, Huizhou and Shenzhen, which are important transportation hubs in the Greater Bay Area. Therefore, the project will enhance the status and value of Zengcheng and promote regional economic development.


 “The Group is full of confidence in the future development of Mainland China and we are enthusiastic about making investments there. With years of experience developing business in the Mainland, excellent professional teams and rich resources, we will uphold the spirit of The Artisanal Movement while providing people with quality living environment and experience”, said Mr. Cheng Chi-Kong, Adrian JP, Executive Vice-chairman and General Manager of New World Development Company Limited. “NWC has been building dynamic and culture-enriched cities in the Mainland China through the new brand positioning of “Soul of the City”. In the future, we will also develop in the Greater Bay Area with a focus on the development of urban complex projects and urban renewal projects”, said Dr. Cheng Kar-Shun, Henry GBM, GBS, Chairman and Executive Director of New World Development Company Limited.


As one of the early Hong Kong pioneer entering the China property market, NWC, with abundant strengths, actively responds to the central government’s development plan for the Greater Bay Area by facilitating the diversified development and the renovation of old cities in the area. In addition, we have created landmark projects in almost every city where we have built our presence. This time, NWC’s development project in Zengcheng represents the Company’s determination to increase investment in the Greater Bay Area and the mainland following the Guangzhou Chow Tai Fook Finance Centre, the Zengcheng Comprehensive Development Project, the Guangzhou Railway Hub Project, and the Qianhai Chow Tai Fook Finance Tower, and it is the Company’s important move to further expand the market in the Greater Bay Area.