Developers and retailers need to pick their spots, and Hong Kong-based Adrian Cheng is gung-ho about the Greater Bay Area — an agglomeration of 11 Chinese cities sheltering more than 85 million people, a good many of them young and rich.
The third-generation scion of one of the biggest business dynasties in Asia — spanning from property development and department stores to blockchain startups — Cheng lobbed out one example of staggering buying power in Hangzhou, where Alibaba is headquartered and where New World“We sold $1 billion worth of apartments in one day. So we can see that the demand is very strong over there,” he said, dialing in over Zoom from Seoul, where he was attending Frieze art week.
The project, scheduled to open at the end of 2024, is billed as a showcase for a circular lifestyle and waterfront conservation, with a facade composed of recycled materials. Participating architects include David Chipperfield, Sou Fujimoto and OMA, which built the wonky CCTV building in Beijing. Still, K11 mall sales in the first half grew by 39 percent compared to a market average of just 4 percent, Cheng said, crediting the latter figure to the National Bureau of Statistics of China.Cheng cited other pockets of strength, with its K11 property in Wuhan Guanggu up 65 percent in the first six months of 2022.
Compared with other countries, China’s domestic consumption as a proportion of GDP is still very low. So there’s a lot of room for them to really boost domestic demand and domestic consumption. Disposable income in certain cities, especially in the first year, will still be growing.You invest mainly in physical projects: malls, hotels, cultural spaces, condos. What’s your view on digital versus physical consumption?.
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