Hang Lung Properties raises investment in Jinan Project

Jul. 22, 2009 (China Knowledge) - Hang Lung Properties Ltd<0101>, which is engaged in property investment and manages parking lots, plans to increase its investment in a large mixed-use property project called Hang Lung Plaza, located on Quancheng Road in Ji'nan, Shandong Province, to US$410 million from US$293 million, sources reported.

The plaza, whose registered capital will be increased to US$255 million from the previous US$196 million, started construction on Dec. 7, 2007 and is expected to be completed in 2010. The project covers a land area of 5.24 hectares and will have a main building with seven stories above ground and two stories under ground. The main building will contain a department store and a cinema as well as restaurants, supermarkets and bars. 

According to the plans, the main building's height will not exceed 45 meters. The building coverage rate will be 58% and landscaped areas will cover 14% of the development.

Reportedly, Hang Lung Properties on May 17 purchased a parcel in Chong'an District, Wuxi, Jiangsu Province for RMB 415 million. The parcel covers a land area of 16,700 sq m.