The Shanghai Daily reports that Hong Kong-based property developer Shui On Land signed an agreement with the Kunming government in July related to a residential, business and cultural development.
Shui On has numerous high-end residential, business and entertainment developments across mainland China— most notably Shanghai's Xintiandi and Corporate Avenue, as well as Xihu Tiandi in Hangzhou. According to the Shanghai Daily report, Shui On is pursuing land holdings in Kunming covering 2.5 million square meters.
Without any real Central Business District and a noticeable lack of high-end residential, dining and entertainment options, Kunming could use a developer like Shui On if it wishes to cultivate an image as an up-and-coming regional business, finance and tourism hub. Moreover, local developers have yet to prove that they can rise to the challenge presented by prime real estate in Kunming (see 'Kunming Foreigner Street' Tenants Speak Out)
If Shui On does end up winning the tender for this land, the ensuing development will likely be a significant milestone in Kunming's emergence as a prominent second-tier Chinese city.
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