Property Development, Operation & Management
CITIC Pacific Properties ,positioned as a developer and manager of premier properties, is focused on mixed-use, commercial, and residential projects with operations that extend across the commercial lifecycle to include investment, project development, marketing, and property management. It currently owns and manages properties in regions including the Yangtze River Delta, the Greater Bay Area, the Yangtze River Economic Belt, and the Bohai Rim Economic Circle.
During the reporting period, CITIC Pacific Properties successfully delivered high-quality projects in mainland China, such as portions of Wuhan Harbour City and Optics Valley Innovation Tiandi, Phase II of CBD project’s residential part and Nove Mansion in Jinan, as well as the residential part of Guangzhou Harbour City Phase I, all of which received recognition from the market. In 2023, CITIC Pacific Properties successfully navigated the challenges posed by the ongoing market downturn, achieving a remarkable 44% increase in annual sales and a significant 56% increase in collection amounts compared to the previous year. In addition, CITIC Pacific Properties acquired three new projects in Shanghai, Nanjing, and Wuxi. As of the end of 2023, CITIC Pacific Properties had a land reserve area of approximately 5.3 million square metres in mainland China, of which the area of its equity interest amounted to around 3.87 million square metres. As for the investment property business, CITIC Pacific Properties maintained its momentum by expanding its operational scale. During this period, both Dream Gala and T Center in Shanghai were officially unveiled in the third quarter, leading regional commercial development and injecting new vitality into CITIC Pacific Properties’ brand image. Leveraging its core business, CITIC Pacific Properties made significant strides in the fields of development and construction outsourcing, as well as commercial asset-light management. These breakthroughs resulted in successful project acquisitions in Shanghai, Tianjin, Chongqing, and Yangzhou.
In Hong Kong, the Jardine’s Lookout project located at Tai Hang Road has been officially named “JARDINI”. The construction of the superstructure of this high-end residential development, with a total gross floor area of about 12,000 square metres, is currently in progress. The project located at Lai Kong Street in Kwai Chung has commenced preliminary work for site leveling and foundation construction. The project encompasses a total construction area of approximately 23,000 square metres, including development of a public transport terminus and community facilities, and is set to be developed into a premium residential area. The Discovery Bay development is a 50-50 joint-venture between CITIC Pacific and HKR International. Construction for the residential development with a total gross floor area of about 124,000 square metres in the northern part of Discovery Bay is progressing in phases. The foundation work of the first portion of Phase 19, with a total gross floor area of about 44,000 square metres, has been completed. The existing residential projects for sale are Poggibonsi and IL PICCO comprising 196 residential units and 21 garden houses respectively. By the end of 2023, a total of 192 units and 8 houses had been sold. During the period, the redevelopment of Skyway House was initiated. The project is adjacent to the MTR Olympic Station and is planned to build a 21 storey high quality commercial building with a total gross area of approximately 32,000 square metres. In 2023, the Hong Kong real estate market experienced a slow recovery due to uncertain global economic factors and a high-interest rate environment. Rental activity was low, and commercial rents were under pressure. However, the average occupancy rate of the company’s investment properties remained at approximately 96%.
In Hong Kong, the Jardine’s Lookout project located at Tai Hang Road has been officially named “JARDINI”. The construction of the superstructure of this high-end residential development, with a total gross floor area of about 12,000 square metres, is currently in progress. The project located at Lai Kong Street in Kwai Chung has commenced preliminary work for site leveling and foundation construction. The project encompasses a total construction area of approximately 23,000 square metres, including development of a public transport terminus and community facilities, and is set to be developed into a premium residential area. The Discovery Bay development is a 50-50 joint-venture between CITIC Pacific and HKR International. Construction for the residential development with a total gross floor area of about 124,000 square metres in the northern part of Discovery Bay is progressing in phases. The foundation work of the first portion of Phase 19, with a total gross floor area of about 44,000 square metres, has been completed. The existing residential projects for sale are Poggibonsi and IL PICCO comprising 196 residential units and 21 garden houses respectively. By the end of 2023, a total of 192 units and 8 houses had been sold. During the period, the redevelopment of Skyway House was initiated. The project is adjacent to the MTR Olympic Station and is planned to build a 21 storey high quality commercial building with a total gross area of approximately 32,000 square metres. In 2023, the Hong Kong real estate market experienced a slow recovery due to uncertain global economic factors and a high-interest rate environment. Rental activity was low, and commercial rents were under pressure. However, the average occupancy rate of the company’s investment properties remained at approximately 96%.
CITIC Urban Development & Operation continued to work on its key projects in 2023. A number of major milestones have been achieved in the construction of supporting public facilities of the urban development project in CITIC Coastal City in Shantou. The Shantou Bay Tunnel has been completed and opened to traffic. The municipal public facilities in the expropriation area have been largely completed and are operational, showcasing a modern urban image. The Ningbo Fenghua Innovation Industrial Complex project has made steady progress in land consolidation and industrial upgrading. With a focus on “biopharmaceutical+intelligent manufacturing”, construction of approximately 180,000 square metres of modern factories have been completed. As a result, it has successfully attracted high-quality industrial projects to establish a presence in the area. In 2023, the project was selected as one of the top ten demolition and conversion industry demonstration projects in Zhejiang Province and was included in the first list of iconic incubation projects under the “2070” initiative in Ningbo City.
Key Development Projects
CITIC Pacific Properties
CITIC Pacific Properties
CITIC Urban Development & Operation
Major Investment Properties
