Hong Kong developer Hang Lung to expand flagship Shanghai mall Plaza 66
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Hong Kong developer Hang Lung Properties is expanding its flagship mall Plaza 66 in Shanghai's West Nanjing Road. The expansion will add an additional gross floor area of 32,290 sq ft to the 592,000 sq ft mall, which is expected to be completed in 2026. Hang Lung aims to target China's booming luxury market and bring new luxury experiences to customers. China is set to overtake the US as the world's biggest luxury market, worth US$148 billion, in 2030. Hang Lung Properties has obtained approval from the local government for the expansion and plans to accommodate 20 new stores. The company's Plaza 66 and Grand Gateway 66 malls have seen increased spending by members, with the number of members spending more than 1 million yuan at Plaza 66 increasing five-fold in 2021 compared to 2019. Hang Lung Properties has been actively investing in China's commercial and residential real estate market since 1992 and currently derives 68% of its rental income from mainland China. The company has seven office projects and five residential projects in China. Hang Lung Properties is 60% owned by Hang Lung Group, and current group chairman Ronnie Chan Chi-chung will retire on April 26, with his son Adriel taking charge.
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