Swire mulls new projects in mainland

Hong Kong-based real estate giant Swire Properties is mulling a couple of new commercial property projects in the mainland, the company's chairman told the Global Times over the weekend.

"We're looking into a few commercial property projects in some big and secondary cities," Christopher Pratt, chairman of the developer's parent Swire Pacific, told the Global Times, adding that as a "long-term investor", the company holds a positive view of the country's retail-led real estate market, which follows the growth of China's economy.

Swire currently has five retail-led, mixed-use projects in Beijing, Shanghai, Guangzhou and Chengdu.

However, Pratt said the company remains conservative and is trying not to be "exposed" too much in the country's mass residential real estate market, in the backdrop of the centralgovernment's efforts to cool down the industry. The developer saw its shares surge 11.3 percent in Hong Kong debut in January. Pratt said at that time that the company "has no immediate plans to raise capital."

"But if we are to do some really big projects in the mainland, we can make sure that we have the access to the capital market," Pratt said, adding that the company is waiting for project buying opportunities.

Swire is not the only Hong Kong developer eyeing commercial properties on the mainland. Earlier this year, Hui Xian Real Estate Investment Trust, controlled by Hong Kong tycoon Li Ka-shing, disclosed that the company is looking to acquire some commercial property projects in first- and second-tier cities in the mainland.