New World and China Resources Land Announce $1.3 Billion Housing Project in Hong Kong's Northern Metropolis

The joint venture, set to begin in 2024, aligns with Beijing's Greater Bay Area development goals and marks China Resources Group's first major property investment in Hong Kong since the late 1990s.

Hong Kong's New World Development and China Resources Land, a state-backed Chinese company, have announced a joint venture to build a US$1.3 billion housing project in Hong Kong's Northern Metropolis.
The project, set to commence in 2024, will create around 1,800 homes and is part of the Hong Kong government's initiative to ease the city's chronic housing shortage.
The Northern Metropolis was first unveiled in 2021 with the aim to provide homes for around 2.5 million people and create a new business district.
This venture represents China Resources Group's first large-scale property investment in Hong Kong since the late 1990s.
The project aligns with Beijing's call for cooperation between the special economic zone of Qianhai in Shenzhen and Hong Kong's Northern Metropolis, aiming to strengthen the development of the Greater Bay Area.