Developer New World Teams Up With Chinese State Giant in Hong Kong

(Bloomberg) — New World Development Co. Ltd. is partnering with state-owned developer China Resources Land Ltd. to build a residential project in Hong Kong’s Northern Metropolis, underscoring the increasingly active role that Chinese mainland firms play in the city’s property sector.

The two will provide about 1,800 homes on sites held by New World, one of the few developers owning vast agricultural land in the area, according to a joint statement on Wednesday. The Northern Metropolis plan, introduced by the city’s previous chief Carrie Lam in 2021, aims to turn the majority of the New Territories bordering Shenzhen into a tech hub with science parks and homes.