New industry cities and commercial real estate: CFLD expands business in Greater Bay Area

By Wang Yiming
0 Comment(s)Print E-mail, June 30, 2020
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Rendering of the Weiyuan Island project. [Photo courtesy of CFLD]

China Fortune Land Development (CFLD) won the bid for the land rearrangement integrated service project of Weiyuan Island in Guangdong province, as confirmed by the Dongguan Binhaiwan Bay Area Management Committee on June 29. The company seeks to capitalize on the opportunity to take part in development and construction across the whole of the island.

In addition to the Weiyuan Island project, CFLD has already expanded its business into the Guangdong-Hong Kong-Macao Greater Bay Area, covering first-class land development, and commercial real estate, industrial park, and industrial cluster construction.

On June 24, contracts were signed for 12 projects and ground was broken for eight industrial park-related projects in Doumen Intelligent Manufacturing Park, to the value of 14 billion yuan (US$1.98 billion). On June 18, CFLD also won the bid to develop the core area of Bai'etan, the western riverfront of the Pearl River in Liwan District in Guangzhou, with a bid of 6.8 billion yuan. 

The Guangdong-Hong Kong-Macao Greater Bay Areais entering a period of rapid development after the full implementation of the "Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area." Statistics show that the total economic volume of the Guangdong-Hong Kong-Macao Greater Bay Areahas reached nearly 12 trillion yuan, surpassing the Tokyo Bay Area and comparable with the New York Bay Area.

According to data from real estate data cruncher CRIC, most of the leading real estate enterprises currently have a presence in the Guangdong-Hong Kong-Macao Greater Bay Area. The land reserves of the top-30 real estate enterprises there reached 290 million square meters, with a value of 6.1 trillion yuan.

As early as 2016, CFLD signed a cooperation agreement with the city of Jiangmen to develop the Jiangmen High-tech New Industry City on the western shore of the Pearl River. Later, the Zhongshan Minzhong New Industry City and Doumen Intelligent Manufacturing Park projects were also launched.

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