Hang Lung Properties (HLP) is using the downturn in the property market on the mainland to increase its land bank. It has built up one such portfolio, allowing it to develop more than 2 million square metres of retail and office space in China, which will allow the company to sustain its pace of expansion over the next decade.
HLP opened its first mainland shopping mall outside Shanghai two years ago. Palace 66, a 110,000-sqm complex, opened in June 2010 in Shenyang, the capital of Liaoning province. Meanwhile, the 171,000-sqm Parc 66 mall opened last August in Jinan, the capital of Shandong.
The company plans to complete