CapitaLand's statement on China's Greater Bay Area
Singapore, 21 February 2019 – “As Asia’s largest diversified real estate group, CapitaLand is bullish on the exciting growth potential in the Greater Bay Area, which is transforming into an interconnected economic, tech and innovation global powerhouse under a newly unveiled government blueprint. By 2030, the region’s GDP is expected to more than double to US$4.1 trillion as the population increases to 88 million, from 77 million1.
“CapitaLand has a well-established presence in Guangzhou and Shenzhen, the core growth engines in the Greater Bay Area, which are also part of our core city clusters in China. In particular, we have been ramping up our pipeline in Guangzhou over the past year with successive acquisitions of two residential sites in Zengcheng District and a mixed-use site in Guangzhou Science City, a key component of China’s plans to turn the Greater Bay Area from a strong manufacturing base into a science and technology hub.
“Including our flagship Raffles City development in Shenzhen and Datansha urban renewal project in Guangzhou, we currently have 46 developments strategically located alongside key infrastructural networks across the Greater Bay Area. This network will anchor the Group’s growth as the region draws more investments and talents that will increase the demand for quality real estate – from homes and offices to shopping malls and lodging.
“One of the first foreign developers to enter China 25 years ago, CapitaLand has built a strong track record as well as deep local knowledge and capabilities. As a long-term partner in China’s urbanisation story, we will continue to harness the Group’s global expertise in developing innovative and quality real estate products and services to support the economic transformation of the Greater Bay Area.”
Mr Lucas Loh, President (China & Investment Management), CapitaLand Group
“As Asia’s largest diversified real estate group, CapitaLand is bullish on the exciting growth potential in the Greater Bay Area, which is transforming into an interconnected economic, tech and innovation global powerhouse under a newly unveiled government blueprint."
The five core city clusters under CapitaLand’s China strategy are Beijing/Tianjin, Shanghai/Hangzhou/Suzhou/Ningbo, Guangzhou/Shenzhen, Chengdu/Chongqing/Xi’an, and Wuhan.
CapitaLand’s 46 developments in the Greater Bay Area comprise the Datansha urban renewal project, three integrated developments (including Raffles City Shenzhen), 11 residential developments, four shopping malls and 27 serviced residences.
Upon the successful completion of the proposed Ascendas-Singbridge transaction, CapitaLand’s expanded network in the Greater Bay Area will also include the China-Singapore Guangzhou Knowledge City and Ascendas OneHub GKC. The proposed transaction is subject to shareholders’ approval at an extraordinary general meeting to be convened by 1H 2019.