We are pleased to announce today a partnership with Wuxi Liangxi City Development Group Co., Ltd.* to secure a long-term operating lease for a landmark commercial redevelopment project in central Wuxi. Expected to foster strong synergy with the adjacent Center 66, the latest project is a key initiative under Hang Lung V.3, the Company's strategic blueprint for growth, and will further solidify Hang Lung's leading position in Eastern China's premium retail market. Formerly known as the Wuxi New World Department Store, the project will add approximately 47,000 square meters of commercial space, expanding the total retail footprint of the Center 66 complex by 38% to approximately 169,000 square meters.
Situated in a prime location in Wuxi central business district, the new project enjoys seamless connection to the subway. Hang Lung's redevelopment plan envisions an urban living transformation for the new generation of young discerning consumers, featuring experiential retail and community connections and ensuring smooth connectivity and integration with the Center 66 complex. The transformed destination will introduce over 80 curated brands spanning food and beverage, fashion, and lifestyle experiences.
The Hang Lung V.3 strategy focuses on elevating customer experience and expanding the Company's presence in its existing markets through capital-efficient and highly selective reinvestments. These projects are designed to be immediately relevant to existing portfolio, enhancing their scale, visibility, and accessibility to maximize investment returns. Over the past year, the Company has successfully launched several V.3 initiatives, including the Plaza 66 Pavilion Extension, Spring City 66's Shangyi Street, and the Westlake 66 Expansion.
Mr. Jiang Feng, Mayor of Wuxi, and Mr. Adriel Chan, Chair of Hang Lung Properties, jointly witnessed the project's signing ceremony in Wuxi. They are joined by Mr. Chen Shoubin, Secretary General of the Wuxi Municipal Government, and Mr. Weber Lo, Chief Executive Officer of Hang Lung Properties.
*The official Chinese name is 无锡市梁溪城市发展集团有限公司.
Appendix
About Center 66 Expansion
Address: 319-339, 341 Zhongshan Road, Wuxi
Gross Floor Area (GFA) Breakdown:
(sq. m.) | Center 66 incl. Phase 2 | Center 66 E xpansion |
After completion |
Total | 549,321 | Approx. 55,000 | Approx. 604,321 |
Retail | 122,227 | Approx. 47,000 | Approx. 169,227 |
Office | 137,543 | - | 137,543 |
Residences | 101,153 | - | 101,153 |
Hotel | 7,165 | - | 7,165 |
Car Parks/ Others | 181,233 | Approx. 8,000 | Approx. 189,233 |
Recent Hang Lung V.3 Examples
Project | City | Asset Enhancement |
Shangyi Street of Spring City 66 | Kunming | Create a must-visit streetscape destination for urban explorers and a photography hotspot |
Pavilion Extension of Plaza 66 | Shanghai | Expand Plaza 66's retail space by 13% based on leasable floor area |
Westlake 66 Expansion | Hangzhou | Increase Westlake 66's retail area by about 40% and street frontage by over 200% |
Center 66 Expansion | Wuxi | Increase Center 66's retail area by 38% |