SINGAPORE (EDGEPROP) - Hong Kong-listed property company Shui On Land has announced that its subsidiary, Shanghai Ruilou Enterprise Management, has formed a joint venture with state-owned enterprise Shanghai Pucheng to carry out a redevelopment project at Pujiang Town, in the Minhang district of Shanghai, China.

The project will see the redevelopment of Zhaojia Lou Ancient Town, an area that has been identified by the Shanghai municipal government for urban renewal. Known for its canals and ancient water towns, it is a popular tourist spot. In 2015, it was rated an AAAA tourist attraction by Chinese authorities, meaning the area attracts over 500,000 visitors every year. Located next to the Shanghai Shenjiahu Expressway and the Shanghai North-South Elevated Road, the area is flanked by two subway lines.

The Shui-On Land-Shanghai Pucheng joint venture will undertake the redevelopment of land parcels located in Pujiang Town, which stretch to Jiageng Road to the east, Yaojia Bang to the south, Huichi Road to the west, and Xiaoyan Lake to the north.

According to an April 20 press release by Shui On Land, the new development will include residential, commercial and ancillary facilities. The joint venture is expected to preserve the unique history and culture of Pujiang Town, while redeveloping it into a “new landmark of Shanghai”.

“Over the past 30 years, Shui On Land has developed a strong foothold in Shanghai and participated in urban renewal projects with proven capabilities in master planning, cultural preservation, community operation and urban regeneration,” says Jessica Wang, CEO of Shui On Land.

She highlights that the group has also embarked on another large-scale urban renovation project in Shanghai at Panlong Tiandi. “Our success in the Panlong Tiandi project is a strong testament to the group's capabilities in the urban-village renovation, giving us confidence in the future prospects of the Zhaojia Lou project,” Wang adds.

Shui On Land is the flagship property development company of the Shui On Group, a building-materials and construction firm founded by Hong Kong billionaire Vincent Lo.