HONG KONG, Sept. 17, 2019 /PRNewswire/ -- Hang Lung Properties today held the ground-breaking ceremony for its project Westlake 66 in Hangzhou, capital of Zhejiang Province, marking the official debut of the Company's 11th large-scale commercial development on the Mainland. Westlake 66 is situated at the prime location of Bai Jing Fang in the Xiacheng District of Hangzhou, the only remaining large-scale site for commercial development in the district, with a site area of approximately 44,800 square meters and a gross floor area of approximately 194,100 square meters. The ground-breaking marks a new milestone for the Company's portfolio expansion on the Mainland.
The ceremony was hosted by Mr. Ronnie C. Chan, Chairman, Mr. H.C. Ho, CFO, Mr. Adriel Chan, Executive Director, and senior management of Hang Lung Properties, as well as Mr. Liu Ying, Secretary of the CPC District Committee of Xiacheng District, Hangzhou, Mr. Chai Shimin, Deputy Secretary of the CPC District Committee and District Governor of Xiacheng District, Hangzhou, and other government officials of Hangzhou.
Mr. Ronnie C. Chan said at the ceremony, "As one of the new first-tier cities, Hangzhou is one of China's wealthiest cities with rapid economic growth. Being a leading technology and commercial hub as well as an important tourism center, the city has a big demand for high-end commercial developments. With Hangzhou's vibrant economy and consumer market, plus Hang Lung's rich business experience in nearby Shanghai and other Mainland cities, we are confident that Westlake 66 will become a top commercial complex and landmark in eastern China, bringing new impetus to the Company's business growth."
As China's emerging first-tier city, Hangzhou's GDP per capita reached RMB1.3509 trillion in 2018, representing a 6.7% year-on-year growth and placing it the 10th among all cities in China. Its annual personal disposable income in 2018 reached RMB54,348, ranking it in top place in Zhejiang Province. The 2022 Asian Games will take place in this vibrant city.
Hang Lung acquired the land site in May 2018. Investment for the project is estimated to reach approximately RMB19 billion. Westlake 66 is located in the center of Bai Jing Fang, which is well served by transport infrastructure and public amenities with high passenger flow. The site will be developed into a high-end commercial complex comprising a world-class shopping mall, five Grade A officer towers and a luxury hotel. The project is planned for completion in phases from 2024.
The inspiration of the design of Westlake 66 comes from the famous natural scenery of Hangzhou's West Lake. Integrating with the scenic landscape and the city's historical heritage, and complemented by abundant public green spaces, the development is destined to become a world-class landmark. The shopping mall will have a rooftop garden together with the unique green spaces that will connect with the neighboring urban elements, thereby resulting in an integration of nature with the city's metropolitan ambience. The elegant cluster of Westlake 66's towers will be a dazzling addition to the skyline of Hangzhou. The project also preserves two ancient artefacts and some historical buildings, reaffirming Hang Lung's principle of protecting the nation's cultural and architectural history in our business operations.
About Hang Lung Properties
Hang Lung Properties Limited (stock code: 00101), a constituent stock of the Hang Seng Index and Hang Seng Corporate Sustainability Indices in Hong Kong, and the Dow Jones Sustainability Asia Pacific Index since 2017, is a leading real estate developer operating in Hong Kong and mainland China. Boasting a diversified portfolio of investment properties in Hong Kong, the Company has progressively branched out into the Mainland since the 1990s, with our distinctive footprint now fully established in Shanghai, Shenyang, Jinan, Wuxi, Tianjin, Dalian, Kunming, Wuhan and Hangzhou, with all the Mainland projects carrying the "66" brand. As Hang Lung's business continues to grow, the Company is set to develop into a highly admired national commercial property developer in China.