Shui On Land, a Hong Kong-listed property company, has announced the formation of a joint venture with state-owned enterprise Shanghai Pucheng to undertake a redevelopment project in Pujiang Town, Minhang district of Shanghai, China. This project will see the redevelopment of Zhaojia Lou Ancient Town, an AAAA-rated tourist attraction.

The joint venture will be redeveloping land parcels located next to the Shanghai Shenjiahu Expressway and the Shanghai North-South Elevated Road and this development will include residential, commercial and ancillary facilities.

Jessica Wang, CEO of Shui On Land, highlighted that “over the past 30 years, Shui On Land has developed a strong foothold in Shanghai and participated in urban renewal projects with proven capabilities in master planning, cultural preservation, community operation and urban regeneration.”

The group has previously embarked on another large-scale urban renovation project in Shanghai at Panlong Tiandi, which has proven to be a success, giving them confidence in the future prospects of the Zhaojia Lou project.

Shui On Land is owned by the Shui On Group, a building-materials and construction firm founded by Hong Kong billionaire Vincent Lo.