Year in review
In 2017, CITIC completed several ongoing projects, including the delivery of two office buildings to ICBC and China Life, respectively, as part of the Lujiazui Harbour City project in Shanghai. Within the same development, the company also completed construction and began operations on its GFA 66,700m2 Gala Bay retail zone.
In addition to implementing existing projects, CITIC aggressively pursued new commercial opportunities in first-tier cities, key second-tier cities such as Wuhan and Nanjing, and high-potential mainland Chinese urban agglomerations. Together with Shui On Land, the company won the bid for a site with a total GFA of around 1,200,000m2 in the commercial area of Wuhan Optics Valley and another bid for a site in the Wuhan Hankou Riverside International Commercial Zone with a GFA of 1,173,000m2. Both sites will be used to develop mixed-use commercial projects. CITIC further acquired a residential-retail development in Yangzhou with a GFA of 338,000m2
The company also began offering property management services for projects that included Laodong Plaza in Changsha, Tangxia Town in Dongguan, Jinhe Residential Community in Kunming, Changfeng County in Hefei, and Runkehuafu in Shenzhen.
In Hong Kong, the 77 upscale apartments of the luxury residential project KADOORIA were launched for sale by tender at the end of 2017 with strong market reception. Foundation work of the residential project in Lok Wo Sha, Ma On Shan, with a gross floor area of approximately 21,000m2, was completed with full project completion scheduled for the end of 2019. Construction of the 50% CITIC-owned Discovery Bay development project for Phase 16 (a high-rise development of 17,000m2), Phase 17 (a detached villas development of 4,000m2) and Phase 18 (a low-rise development of 4,000m2) is in progress with scheduled completion between 2018 and 2019.
CITIC’s Hong Kong investment property portfolio provided stable rental income throughout the year with an average occupancy rate of 98% in 2017.