CapitaLand, via its wholly-owned subsidiary CapitaLand China, has signed two memoranda of understandings (MOU) to explore developing and managing large-scale business park and township projects in Ningbo and Jiaxing, two fast-growing cities in Zhejiang Province, China. Both cities, together with Hangzhou, form the economic hub of Zhejiang’s Greater Bay Area. The MOUs were signed at the 13th Singapore-Zhejiang Economic and Trade Council meeting on April 26 in Zhoushan.

Under the MOU with Ningbo’s Haishu District Government, CapitaLand will explore investing in a business park comprising research & development facilities, offices, residences, and civic & community facilities. It will support Ningbo’s push to attract higher-tech manufacturing industries. The MOU with Zhejiang Communications Investment Group will see CapitaLand investing in a new-generation township, comprising integrated developments, offices, residences, and serviced residences built around Jiaxing’s high-speed rail station in the Yuxin area.

With its track record in urban renewal, township and integrated developments, CapitaLand is well-positioned to take advantage of opportunities arising from China’s new urbanisation focus on industry and city integration, says Lim Ming Yan, president & group CEO of CapitaLand Group.

CapitaLand is the largest foreign real estate developer in China. Its portfolio comprises eight Raffles City developments, 49 shopping malls, over 2,000 serviced residence units, and more than 110,000 residential units; a total gross floor area of 22 million sq m and business presence across 41 cities. Two of its signature Raffles City developments can be found in Hangzhou and Ningbo, where a new integrated development in Ningbo’s Jiangbei district is currently under construction, says Lucas Loh, CEO of CapitaLand China.