New Mega-Project for Shanghai

ricco deblankSun Hung Kai Properties is at it again. After its recent big buy in Hong Kong, the locally based developer spent over $3.5 billion last Thursday for prime land in Shanghai’s Xukiahui district.

Ricco deBlank, CEO of the company’s hotel division told Elite Traveler during an exclusive interview at the World Travel & Tourism Asia Summit in Seoul the mixed used development will be “twice the size” of Hong Kong’s IFC, another Sun Hung Kai development featuring the Four Seasons Hong Kong.  The Shanghai project will include offices, retail, residences and a 250-room hotel.  According to deBlank construction will begin imminently.

In addition to Hong Kong, the company has projects in Beijing, Guangzhou and Chengdu among other cities.  Current luxury hotels in addition to the aforementioned include W Hong Kong, The Ritz-Carlton Hong Kong, The Ritz-Carlton Shanghai, Pudong and The St. Regis Beijing.

Sun Hung Kai recently decided to develop a new Hong Kong hotel it is building on its own, so no telling what flag the new project will fly yet.