HKR International (0480) has formed a strategic partnership with retail developer SCPG to jointly operate and manage a 230,000-square-metre commercial complex in Jiaxing, Zhejiang province.
The project, named Xiuhu HKRI INCITY, will be built in the Xiuhu area of the Canal Bay New City in Jiaxing's Xiuzhou District. Construction is scheduled to start this year, with an opening expected in 2029.
Jointly invested and developed by HKR International and state-owned Jiaxing Canal Bay Urban Construction and Investment, the mixed-use development will comprise roughly 120,000 square metres of aboveground space and 110,000 square metres below ground.
Upon completion, HKR International and SCPG will jointly run commercial operations, covering leasing, consumer and digital management, and retail resources to bring in more than 300 brands across a shopping mall, open-air retail street, and lakeside leisure area.
Light asset expansion
The cooperation marks a key step in HKR International's shift toward a light-asset management model, where the group pairs its operational experience with third-party retail operators to run commercial properties without bearing full capital costs.
Both companies said they plan to seek further joint opportunities in commercial property investment, existing asset upgrades, and retail operations across core cities in the Yangtze River Delta and the Greater Bay Area.
Mainland commercial footprint
HKR International, best known in Hong Kong as the master developer behind Discovery Bay, has pursued a dual heavy- and light-asset strategy to expand in mainland China.
The developer has operated in Jiaxing for 14 years, where it has built six residential projects.
Elsewhere in the Yangtze River Delta, the group co-developed the flagship HKRI Taikoo Hui commercial complex on Shanghai's West Nanjing Road, which features a shopping mall, two Grade A office towers, and luxury hotels.
