- Hongkong Land’s first wholly owned commercial property development in Chengdutargets a growing consumer base in the economic hub
- A retail pre-leasing rate of nearly 90% reflects strong demand for retail spaces with world-class design, ecological and commercial elements.
CHENGDU and HONG KONG SAR 25 June 2024 – Hongkong Land announced the grand opening of “The Ring, Chengdu” on 22nd June 2024, marking its first wholly-owned commercial property in the city and the second “The Ring” series development after “The Ring, Chongqing” opened in 2021. The launch ceremony, attended by VIPs, signified the company’s ambitious expansion within the Chengdu-Chongqing Economic Circle, a region boasting over eight trillion yuan GDP[1]. The new property has achieved a retail pre-leasing rate of nearly 90%, reflecting the strong consumer demand for innovative retail experiences.
“The Ring, Chengdu”, a complex spanning approximately 220,000 sq.m. of gross floor area (GFA), seamlessly blends world-class design with ecological elements and international art installations. Developed in partnership with renowned design and architecture firms including Benoy, LWK + PARTNERS, Woods Bagot and JATO, the development offers a diverse range of experiences, encompassing retail, dining, leisure, office space, hotels, and commercial facilities. The seven-storey “The Ring, Chengdu” incorporates a dynamic 110,000 sq. m. shopping space for consumers to explore along with a 90,000 sq. m. grade-A office tower space. The two office towers, named Ring Centre, will become a new staple for local corporate headquarters. A 22,000 sq. m. Hyatt hotel is also attached, further showcasing “The Ring, Chengdu’s” diverse leisure, dining, and art experiences.
Mr. Ling Chang Feng, Executive Director, China Property, Hongkong Land, said: “Guided by our two-pronged commercial portfolio strategy in China, which integrates our ‘CENTRAL’ and ‘The Ring’ series, we are poised to unlock new growth opportunities in the dynamic Chinese commercial property market.”
“The launch of ‘The Ring’ series in Chengdu marks a significant milestone in Hongkong Land’s continued expansion within the Chengdu-Chongqing Economic Circle – the business and consumption powerhouse of Southwestern China. This project exemplifies our commitment to developing sustainable, innovative, and authentically local destinations that are reshaping the urban landscape across China,” he added.
An Urban Oasis with a Sustainable Heart
“The Ring, Chengdu” is not only a stunning architectural achievement but also a testament to Hongkong Land’s commitment to sustainability. This is evident in the planned adoption of a 600 sq. m. solar photovoltaic power generation system, expected to achieve annual savings of around 28t of coal and emission reductions of 82t of CO₂, 2.5t of SO₂ and 22t of particulate matter once it is in operation. This eco-friendly approach, and the LEED-CS Gold pre-certification obtained by one of the office towers, exemplify the development’s dedication to environmental stewardship and innovative design. By prioritising sustainability, “The Ring, Chengdu” contributes to a community-friendly environment and sets a new standard for responsible urban development.
Hongkong Land’s Strategy and Presence in Chengdu
After first establishing a presence in the city in 2010 by investing in and developing residential projects including WE City, Artisan Bay, Artistic Bay, Creative Land, and Natural Jewel, “The Ring, Chengdu” is an organic progression of Hongkong Land’s business in Chengdu.
Hongkong Land’s two-pronged commercial portfolio strategy, encompassing its flagship “CENTRAL” premium lifestyle retail series and “The Ring” lifestyle retail series, aims to develop innovative, sustainable, and premium commercial hubs across the Chinese mainland that cater to the distinct characteristics of cities, blending premium retail with art, culture and nature-based features to reshape the urban lifestyle experience for fast-growing communities.
Over the next five years, the company plans to open 10 new developments totalling 360,000 sq. m. attributable leasable area of retail space across seven Chinese cities, complementing its existing commercial properties in Hong Kong, Macau, Beijing, Chongqing, and Shanghai. The new developments will bring the total number of the Group’s completed commercial developments in China to 17.
