NWD to jointly develop IT zone in Northern Metropolis with Shum Yip Group

New World Development (NWD) and Shum Yip Group, a Chinese state-owned enterprise, agreed to jointly explore and develop the innovation and technology zone in the Northern Metropolis.

NWD and Shum Yip would leverage their resources and development experiences to develop landmark projects for industry collaboration in the Greater Bay Area after signing a strategic partnership agreement.

They would establish a working group to seek partnership opportunities across all other areas, including real estate projects. 

Shum Yip Group is owned by the Shenzhen government while its core businesses cover property development, industrial parks development and operations, comprehensive urban operation services and childcare and elderly care services.

New World has previously partnered with two other state-owned enterprises to develop residential and commercial residential projects, involving about 4,000 units with over 1.72 million square feet of gross floor area. 

It currently owns approximately 15 million square feet of farmland in Northern Metropolis.