Hang Lung Properties has successfully secured the No. 1038 West Nanjing Road Commercial Project, partnering with Shanghai Join Buy Group Co., Ltd. The firm announced the landmark redevelopment on December 12, 2025.

The project, formerly known as Westgate Mall, will operate under a 20-year lease. It will add approximately 96,000 square metres to Hang Lung’s existing portfolio on West Nanjing Road. This represents an expansion of about 44%, taking their total gross floor area in the area to approximately 312,335 square metres.

This major acquisition marks the latest achievement under the Hang Lung V.3 strategy. The strategy focuses on capital-efficient reinvestment and the optimisation of existing assets. The move is designed to amplify Hang Lung’s market leadership in core cities. It also supports Shanghai’s status as a leading international consumption destination.

The property is situated in the “Mei-Tai-Hang” section, stretching from Plaza 66 to the No. 1038 site. This area is widely considered the “core of the core” of Shanghai’s prime retail and lifestyle centre.

The project is part of Shanghai’s urban renewal programme. It will be transformed into a dynamic mixed-use complex. The new complex will feature integrated retail, hospitality, and office spaces. It is positioned for a modern demographic that prefers experiential spaces. The aim is to create a new community hub that connects global trend-setting brands with new generations of consumers.

Mr. Weber Lo, Chief Executive Officer of Hang Lung Properties, commented on the partnership. “We are honored to partner with the Jing’an District Government and Jiubai Group under the visionary guidance of the Shanghai municipal government for this transformative project. West Nanjing Road is not just a premier commercial destination, it is the cultural and historical heart of Shanghai, and we are privileged to be entrusted with its future. This redevelopment, as another milestone of the Hang Lung V.3 strategy, reinforces our commitment to a customer-centric approach through curated and unparalleled experiences. Its more comprehensive mix of uses will create stronger synergies across our portfolio and attract a broader clientele. The new dynamics will further strengthen the area’s reputation as a hub for international lifestyle. We are proud to contribute to the legacy of Jing’an District and the development of its landmark commercial district.”

The original site, which once housed the Majestic Hotel in the 1920s, first introduced the “shopping mall” concept to Shanghai. The reintroduction of a new hotel nearly a century later pays tribute to this glamorous past.

Mr. Xu Xing, Chairman of Shanghai Join Buy Group Co., Ltd., highlighted the project’s strategic importance. “West Nanjing Road serves as a symbol of Shanghai’s urban living, and for Jiubai Group, it is a core area of our long-term commitment and development. This commercial project at No. 1038 West Nanjing Road is not only a direct response to the Jing’an district’s strategic plan to create a ‘High-end Service-led Development Axis on West Nanjing Road,’ but also a key landmark in our journey toward high-quality development. We will leverage this project to deepen our involvement in the West Nanjing Road central activity zone and explore a new paradigm for the integration of culture, business, and travel.”

The finished project is expected to enhance the synergy of Hang Lung’s Shanghai portfolio. It is intended to drive sustainable revenue growth and increase the portfolio’s overall asset value.