HANG LUNG GROUP(HK:00010) Di Yi Cai Jing·2025-11-20 05:38Core Insights - The renovated Meilong Town Plaza is set to open in early 2027, following its closure in August 2024, with significant interest from the market regarding its operational rights, which are expected to be acquired by Hang Lung Group [1][5] - The project is located in the core commercial area of Nanjing West Road and will undergo a comprehensive renovation starting in 2025, with a total construction area of approximately 125,000 square meters [5][7] Group 1 - The construction is scheduled to begin on July 4, 2025, and is expected to be completed by July 3, 2028, with Shanghai Jiubai Group as the designated construction unit [3] - The bidding results for the commercial operation cooperation project were announced on August 7, 2023, with Hang Lung's subsidiary, Hangyi Commercial Management (Shanghai) Co., Ltd., being recommended as the commercial operation partner [5][7] - The project will include a commercial area of no less than 50,000 square meters, with the commercial section opening in early 2027 and the office and hotel sections operational by May 2028 [7][8] Group 2 - The joint venture company formed for the project will be responsible for commercial, hotel, office operations, and property management, with an investment of no less than 500 million yuan for renovations [7] - Following the completion of the Meilong Town Plaza renovation, Hang Lung Group's total managed commercial area on Nanjing West Road will approach 120,000 square meters, enhancing its competitive position in the market [8] - Hang Lung Group has also secured a 20-year operational right for the Hangzhou Department Store, with a total rent of approximately 3.3 billion yuan, as part of its V.3 strategy to expand project scale and visibility [8]