Developer K Wah International eyes expansion in China’s affluent regions
It is one of several Hong Kong-based builders taking advantage of lower borrowing costs than those now available to their mainland counterparts
K Wah International, the property developer chaired by casino magnate Lui Che-woo, aims to boost its land bank and chase lucrative acquisition targets as it looks to build premium residential and commercial projects in affluent regions of the mainland.
It is one of several Hong Kong-based developers taking advantage of favourable borrowing costs compared with those available to their mainland counterparts as Beijing tightens restrictions on the overheated property market.
Chief financial officer Oliver Lam told the South China Morning Post that the Hong Kong developer will focus on the Yangtze and Pearl river delta regions for now, while avoiding projects with high risks.
“We have developed a strong team in Shanghai and it’s time for them to extend their reach to neighbouring cities,” he said. “We are expecting to secure a new project in our third city in the Yangtze River Delta soon.”
Its Grand Summit project in downtown Shanghai is one of the city’s top-end residential developments.
