Shui On Group, the Hong Kong-listed property company headed by billionaire Vincent Lo, has announced its subsidiary Shanghai Ruilou Enterprise Management has formed a joint venture with state-owned enterprise Shanghai Pucheng to carry out a redevelopment project at Pujiang Town in Minhang district of Shanghai, China. Located next to the Shanghai Shenjiahu Expressway and the Shanghai North-South Elevated Road, the area is flanked by two subway lines.

The project is for the redevelopment of Zhaojia Lou Ancient Town – a popular tourist spot known for its canals and ancient water towns. Attracting more than 500,000 visitors each year due to its AAAA status from Chinese authorities, the area is set for an urban renewal.

The joint venture between Shui-On Land and Shanghai Pucheng will redevelop the land parcels located in Pujiang Town stretching from Jiageng Road to the east, Yaojia Bang to the south, Huichi Road to the west, and Xiaoyan Lake to the north. The development will include residential, commercial and ancillary facilities and will preserve the unique history and culture of the town while transforming it into a “new landmark of Shanghai”.

Jessica Wang, CEO of Shui On Land, is optimistic about the success of the project, citing success with a similar urban-village renovation project on Panlong Tiandi.

“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,” says Wang.

“Our success in the Panlong Tiandi project is a strong testament to the group’s capabilities in the urban-village renovation, giving us confidence in the future prospects of the Zhaojia Lou project,” she adds.