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HK developer heads to Shanghai
By Alex Frew McMillan
HONG KONG, China (CNN) -- Property developer HKR International Ltd. said Wednesday it will spend 4 billion yuan ($483 million) to redevelop land in Shanghai. The investment is more than half the company's total assets, it said in a filing to the stock exchange, reflecting the increasing attention Hong Kong developers are paying to investments in mainland China. HKR said it plans to redevelop land in Shanghai's Jingan district over the next five to 10 years. Its investment covers the cost of buying land rights, demolishing buildings and then building new ones, as well as introducing new infrastructure. A two-part developmentIt plans two major complexes, one that is 160,000 square meters with offices, a hotel, commercial space and serviced apartments. The other, a 120,000 square meter project, would house stores and apartments. HKR said it expects to expand that portion of the development if it can reach an agreement with the Jingan district government. Investors based in Hong Kong and Taiwan have developed large sections of Shanghai, the city at the heart of China's economic boom. By contrast, Hong Kong's property market has been in the doldrums since its bubble burst in 1997. Property prices have fallen 65 percent in the past five years. The housing authority said development fell to its lowest level in a year in November. Discovery Bay developerHong Kong-based HKR is best-known as the developer of the city's Discovery Bay apartment complex on Lantau island, a self-contained, family-oriented development where golf carts are the only vehicles. HKR took over a 118-apartment Chelsea development in October 2001 and has refurbished it as serviced apartments. It also has a multipurpose development, including a shopping mall, in Tianjin, China. Its shares have been suspended since Friday and stand at HK$1.46 as they await the resumption of trade on Wednesday.
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