BUSINESS

China Resources Buys Stalled Shenzhen Mega-Project for $1 Billion

Published: May. 7, 2026 11:23 p.m. GMT+8

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An aerial view of the Shimao Shenzhen-Hong Kong International Centre under construction in Shenzhen, Guangdong province. Photo: VCG

State-owned developer China Resources Land Ltd. acquired a stalled mega-project site in Shenzhen for 7.05 billion yuan ($1.03 billion) on Wednesday, ending a four-year standstill after the previous owner defaulted.

The company secured the commercial and residential parcel in Shenzhen’s Longgang district at the base asking price after local authorities repossessed the undeveloped land and revised zoning rules to attract new investment.

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China Resources Land bought stalled Shenzhen Longgang site for 7.05B yuan ($1.03B), ending four-year standstill.
Shimao bought land in 2017 for 23.9B yuan; defaulted in 2022, halting construction after failed 2023 auctions.
Authorities repossessed for 6.8B yuan in 2025, rezoned for residential use, added requirements for luxury hotel and retail.

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Who’s Who

China Resources Land Ltd.: China Resources Land Ltd., a state-owned developer, acquired a stalled mega-project site in Shenzhen’s Longgang district for 7.05 billion yuan ($1.03 billion). The land, repossessed from defaulted Shimao Property Holdings Ltd., was rezoned for residential use to boost appeal, with mandates for luxury hotel and retail operators.

Shimao Property Holdings Ltd.: Shimao Property Holdings Ltd., a private developer, bought the Shenzhen land parcel in 2017 for 23.9 billion yuan to build a 700-meter skyscraper and commercial complex. It completed early-stage work but halted construction in 2022 after defaulting on offshore debt, leading to the site's repossession and resale.

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