Kerry breaks ground on huge local mixed-use project

Caption: The groundbreaking ceremony for the Jufeng Road mixed-used development, a joint venture project between Kerry Properties and Singapore's GIC Real Estate, is held on Thursday in Pudong's Jinqiao Subcenter.

Kerry Properties broke ground on construction of a huge, retail-led, mixed-use project in northeast Shanghai's Jinqiao Subcenter on Thursday, the latest move by the Hong Kong-listed real estate investor and developer to widen its footprint in core Chinese mainland cities.

The TOD (transit-oriented development) project will be jointly developed and operated with HZM Capital, a Shanghai-based capital and asset management firm. The entire project, scheduled to be completed around the fourth quarter of 2026, will have 430,000 square meters of total floor area, comprising a 220,000-square-meter mega shopping complex, 47,000 square meters of premium residential offerings, 25,000 square meters of high-quality office space and 137,000 square meters of utility and ancillary support space and parking lots.

Caption: An artistic rendering of the TOD project in Jinqiao. Completion of the 430,000-square-meter project is scheduled around the fourth quarter of 2026.

Kerry's second mixed-use development in the Pudong New Area, the Jufeng Road project provides direct access to the Jufeng Road interchange station that connects to Metro Lines 6 and 12 and accommodates a bus terminus with eight routes.

In February 2021, Kerry teamed up with the real estate arm of GIC for the first time to purchase the Jufeng Road site as the Hong Kong developer aggressively proceeded with its business development strategy to strengthen its presence in key Chinese mainland cities through high-quality, mixed-use projects and steadily increase its recurring income base.

With a presence in more than a dozen Chinese cities, Kerry's established portfolio in Shanghai includes the iconic Jing'an Kerry Centre in Puxi and Kerry Parkside in Huamu, Pudong.