On November 18, China Resources Land (CHINA RES LAND) and New World Development (NEW WORLD DEV) held a groundbreaking ceremony for the Yuen Long South residential project in Hong Kong's Northern Metropolis. The event was jointly led by Chang Ying, Vice President of China Resources Land and Chairman of its Hong Kong subsidiary, and Wong Siu-mui, Executive Director and CEO of New World Development, with nearly 20 representatives from both companies in attendance.
In October 2021, the Hong Kong SAR Government unveiled the "Northern Metropolis Development Strategy," outlining a major development initiative. Since 2022, China Resources Land has actively explored participation in the Northern Metropolis project. From September to December 2022, the company organized the "Youth Professional Design Competition" to gather innovative ideas for the project. In October 2022, it signed strategic cooperation agreements with New World Development and three other major Hong Kong developers. By December 2023, China Resources Land and New World Development inked Hong Kong's first central enterprise-local enterprise partnership agreement to jointly develop the Yuen Long South project.
The Yuen Long South residential project is located in the "High-end Professional Services and Logistics Hub" zone of the Northern Metropolis, adjacent to the well-developed Yuen Long town center. With comprehensive amenities and excellent rail connectivity, the site holds significant development potential. The project spans approximately 720,000 square feet of gross floor area and will be developed in phases. The first plot, with a buildable area of nearly 280,000 square feet, has completed land premium procedures and is expected to launch in FY2027, offering around 700 residential units. The two plots combined will provide approximately 1,800 units to meet market demand for quality housing.
The groundbreaking ceremony marks China Resources Land's transition from planning to active development in the Northern Metropolis, aligning with the strategic directives of both the central and Hong Kong SAR governments. Chang Ying emphasized, "The Northern Metropolis is a new engine for Hong Kong's future growth and a key pillar of the Greater Bay Area development. As a central enterprise rooted in Hong Kong, China Resources Land is committed to supporting national strategies and government plans to contribute to this transformative project."
Moving forward, China Resources Land will continue leveraging its expertise in integrated urban development to help transform the Northern Metropolis into a vibrant "innovation hub" and an international city that is "livable, workable, and visitable," further bolstering Hong Kong's economic prosperity and quality of life.
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