Northgate Plaza Redevelopment Project
Shanghai Northgate Plaza I is located on Tian Mu Road West in the Jing’an District of Shanghai near the Shanghai Railway Terminal and comprises office units, a retail podium and car-parking spaces. Shanghai Northgate Plaza II is a vacant site adjacent to Northgate Plaza I. In September 2016, the Group completed the acquisition of the 6th to 11th floors of Hui Gong Building which is physically connected to Northgate Plaza I, together with the right to use 20 car-parking spaces in the basement. The Group plans to redevelop Shanghai Northgate Plaza I, Northgate Plaza II and the Hui Gong Building together under a comprehensive redevelopment plan which includes an office tower, a shopping mall and an underground car-parking structure. This project is expected to complete in the second half of 2022 and add a total GFA of approximately 693,600 square feet excluding car-parking spaces to the rental portfolio of the Group.