Hong Leong has ‘abundant opportunities’ for greater Shanghai, China collaboration: Kwek Leng Beng

[SINGAPORE] Hong Leong Group has “abundant opportunities” to deepen its presence in China and Shanghai, said the company’s executive chairman Kwek Leng Beng at his first meeting with Shanghai party secretary Chen Jining.

Chen, the secretary of the Shanghai Municipal Committee of the Chinese Communist Party, called on Kwek to build on Hong Leong’s existing collaborations with China and to seize “new development opportunities” in his city, said Hong Leong in a statement on Friday (Sep 12).

Highlighting that Hong Leong is a long-term investor in China, Kwek expressed confidence in the country’s “resilience and strong fundamentals”. He also at their meeting that Shanghai has evolved into an “international metropolis with a strong global presence”.

One of Hong Leong’s collaborations with Shanghai is a mixed-use development site in the Xintiandi area of the Huangpu District. It is an investment through City Developments Limited (CDL), said Kwek, who is also the executive chairman of the company, which is owned by Hong Leong.

“I am pleased to share that the project is progressing well, and we are grateful to the Huangpu District leadership for entrusting us with the development of the final parcel of land in Xintiandi,” he added.

Looking ahead, he spoke of delivering “a high-quality project that supports Shanghai’s continued growth and urban renewal”.

“We see abundant opportunities to deepen our presence, advance sustainable development initiatives, and contribute meaningfully to Shanghai’s ongoing transformation,” he said.

Such opportunities could include participating in Shanghai government funds, with proceeds disbursed to companies within the high-tech innovation space or with global consumer connections, said Hong Leong.

With urban renewal, industrial transformation and tech innovation gaining pace, Chen remarked that there are “expanding opportunities” for foreign and domestic enterprises to develop Shanghai.

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Noting Hong Leong’s standing as a multinational enterprise, the Shanghai party secretary urged the Singapore company to deepen its investments in the city’s key business sectors and growth areas. These include science and technology, the industrial sector and areas related to digitalisation and sustainability.

In turn, Chen noted that Shanghai will continue to offer long-term, stable, transparent and predictable conditions to support stronger growth for domestic and foreign companies.

At the meeting, Chen also stressed that Chinese President Xi Jinping plans to accelerate Shanghai’s development into a leading global hub for finance, trade, shipping and the broader economy.

The Shanghai party secretary also met a delegation from Temasek that day.

Hong Leong entered the Chinese market in the 1980s, when it developed the hotel Holiday Inn Harbourview Xiamen. The hotel, since renamed Millennium Harbourview Xiamen, is under CDL’s hospitality arm, Millennium Hotels & Resorts.

Since then, the group has deepened its collaborations with China. It has expanded into real estate through CDL and Hong Leong Holdings, and into building construction via its manufacturing arm, Hong Leong Asia.

CDL’s China arm now has a portfolio in Tier-1 and Tier-2 cities such as Shanghai, Suzhou, Chongqing and Shenzhen.