Property developer CapitaLand on Thursday signed a memorandum of understanding (MoU) with the district government of Wuchang in China to develop a prime site in the region.
The MoU was signed through company's wholly owned subsidiary, CapitaLand China, as the group actively pursues investment opportunities to deepen presence in core city clusters in China, it said in a regulatory filing.
The potential scale of the proposed integrated development on the site is expected to surpass all CapitaLand's existing properties in central China, the statement said.
"As the major transport and commercial hub in central China with strong economic fundamentals, Wuhan is a high growth city that is set to benefit further from China's Belt and Road Initiative," Lim Ming Yan, President and Group CEO of CapitaLand said.
"CapitaLand looks forward to making greater contributions to Wuhan's urban development through quality projects."
To date, CapitaLand owns and manages 23 integrated developments with over 6.2 million square metres in China's first- and second-tier cities, making CapitaLand the foreign developer in China with the largest portfolio of integrated developments.
Last April, the company opened CapitaMall Westgate in Wuhan's Hankou area. It is CapitaLand's fifth largest integrated development in China and its biggest in central China to date.