Located in Buxin Area, Luohu District, Shenzhen City in the PRC, the Shenzhen GDH City Project is a multi-functional commercial complex with jewelry as the main theme. The project, which is in close proximity to the urban highways and subway stations and adjoins Weiling Park, is surrounded by several municipal parks within a radius of 1.5 kilometres and enjoys convenient transportation and superb landscape resources. The Shenzhen GDH City Project is developed in two phases. The filing for completion of construction of the first phase was made in June 2020. The construction of the second phase properties has been in full swing. As at 31 December 2021, the superstructure of the office tower and the commercial shopping building on the Northern Land development was topped out and renovation works were in progress; and the superstructure construction and masonry works and renovation of the office tower on the Southern Land development were underway; and the commercial shopping building structure was topped out and the masonry works and renovation were in progress. In respect of the sale of the first phase properties of the Shenzhen GDH City Project, the total GFA of properties contracted for sale amounted to approximately 60,553 sq. m., representing approximately 52.8% of the GFA available for sale during the year under review. For the search for potential commercial occupiers of the Shenzhen GDH City Project, the Group, Luohu Government of Shenzhen and the SDE have reached an agreement, pursuant to which the SDE agreed that the Shenzhen office of its extended service platform will be located in the GDH City and it will continue to support the marketing efforts for the GDH City and encourage its members to locate their offices in the GDH City. On this basis, the Group is planned to work with the SDE to make the Shenzhen GDH City Project home to the SDE innovative business. At present, 廣東粤海置地集團有限公司 (Guangdong Yuehai Land Holdings Limited), a wholly-owned subsidiary of the Company, has formally signed the cooperation and implementation agreement with the SDE. Further, the Group has entered into a property leasing services agreement with GDH Teem, a fellow subsidiary of the Company, in respect of the shopping mall of the Shenzhen GDH City Project. Pursuant to the agreement, GDH Teem shall grant the Group the right to use the name of “天河城” for the shopping mall under the Shenzhen GDH City Project and shall provide property leasing services for the shopping mall. GDH Teem is principally engaged in the provision of property leasing services, property investment and development, department stores operation, hotel ownership and operations in the PRC, and has extensive industry experience. The agreement enables the Group to access the quality property leasing services to be provided by GDH Teem.
Completed Properties Held for Sale
|Property project||Location||Use||Interest held by the Group||Approximate GFA of project (sq. m.)|| Accumulated GFA contracted|
|Approximate GFA delivered||The proportion of accumulated GFA delivered to GFA available for sale|
| First quarter of 2022|
|Northwestern Land of Shenzhen GDH City||Shenzhen City, the PRC||Business apartment/ Commercial||100%||114,986||99,530||4,752||98,448||85.6%|
Properties Held for Sale under Development and Investment Properties under Development
|Property project||Location||Use||Interest held by the Group||Approximate total site area (sq. m.)||Approximate GFA* (sq. m.)||Progress||Expected completion and filing date|
|Northern Land of Shenzhen GDH City Project||Shenzhen City, the PRC|| Commercial/|
|100%||33,802||146,551||Commercial shopping building superstructure and tower superstructure topped out, and renovation works in progress||2nd half of 2022|
|Southern Land of Shenzhen GDH City Project||Shenzhen City, the PRC|| Offices/|
|100%||16,044||199,500||Commercial shopping building superstructure topped out and the masonry works and renovation works in progress, and superstructure construction and masonry works and renovation works of the office tower underway||2023|
* Note: Including (1) underground commercial area of the Project with a GFA of 30,000 sq. m.; and (2) the project's common area and area transfer to the government.