Fosun International (stock code 00656) held a groundbreaking ceremony today for its mixed-use development at the former Shaw Studios site in Clear Water Bay, Hong Kong. The project will deliver over 800 residential units and approximately 215,000 square feet of commercial space across four phases, with the earliest sales launch planned for the end of next year. Fosun acquired the land in 2014 and completed a land premium payment of HKD 2.18 billion in 2024, persisting through a decade of volatility in Hong Kong's property market.
Fosun Unveils 800-Unit Residential and Commercial Development Plan
The Clear Water Bay development will provide over 800 residential units and approximately 215,000 square feet of commercial space. Fosun will advance the project in four phases. Fosun International Chairman Guo Guangchang stated at the foundation ceremony that the company faced significant pressure and skepticism over the ten-year period as Hong Kong's property market fluctuated, but Fosun persisted and completed the land premium payment under the most challenging conditions.
Fosun Completed HKD 2.18 Billion Land Premium Payment in 2024
Fosun acquired the Clear Water Bay land parcel in 2014. The company completed a land premium payment of HKD 2.18 billion in 2024. Liu Yani, Chairman of Fosun Land Hong Kong, stated that the total investment in the Clear Water Bay development is expected to exceed HKD 10 billion. The company plans to adopt a conservative pricing strategy for subsequent project launches, aiming to maximize buyer satisfaction.
Project to Launch Sales End of Next Year with Phased Completion from 2030
The earliest sales launch for the development is planned for the end of next year. The project is scheduled for phased completion starting in 2030. In addition to residential and commercial components, the development will include public open spaces.
Development to Preserve Historic Shaw Studios Buildings
The project will retain multiple historic buildings and facilities from the former Shaw Studios site, including the administration building, dubbing studio, and color film production plant. These heritage elements will be integrated into the mixed-use community alongside residential units, commercial facilities, smart technology infrastructure, public art spaces, and cultural preservation features.
FAQ
What did Fosun International announce today at the Clear Water Bay site?
Fosun International held a groundbreaking ceremony today for a mixed-use development at the former Shaw Studios site in Clear Water Bay, Hong Kong. The project will deliver over 800 residential units and approximately 215,000 square feet of commercial space across four phases.
When did Fosun complete the land premium payment for the Clear Water Bay project?
Fosun completed a land premium payment of HKD 2.18 billion in 2024. The company originally acquired the Clear Water Bay land parcel in 2014.
What is the expected timeline for sales launch and project completion?
The earliest sales launch is planned for the end of next year. The project is scheduled for phased completion starting in 2030.
