Hong Leong Group Executive Chairman Mr Kwek Leng Beng met Shanghai Mayor Mr Gong Zheng in the Chinese city where they discussed a wide range of business issues including opportunities of urban renewal and transformation within the city.

According to a press announcement after the meeting, Mayor Gong said Shanghai has shown a continued trend of steady economic improvement and remains a favoured destination for foreign trade and investment.

Commenting on his visit, Mr Kwek said, “I was deeply impressed by the development and economic vitality of Shanghai. There are abundant opportunities for investment and collaboration, to create more iconic projects and deepen cooperation with the Shanghai government to achieve green and low-carbon developments in the city.”

“I remain confident in the potential of the overall Chinese market and look forward to expanding our Hong Leong Group portfolio via exciting and strategic prospects.”

According to City Developments Limited (CDL) Group Chief Executive Officer Mr Sherman Kwek who was also at the meeting, CDL is looking forward to integrating Shanghai’s 14th Five-Year Plan with CDL’s growth strategy and expertise in diversified property development and asset management.

The opportunities to be explored include the upgrading and revitalisation of old districts, construction of technology parks and sustainable buildings, and the enhancement of Shanghai’s four distinct brands in services, manufacturing, shopping, and culture.

Shanghai is a key partner for Singapore in areas such as green and low-carbon infrastructure, tourism, financial services, technology, and innovation as well as the emerging sectors of digital and green economies.

Trade between Singapore and Shanghai grew 8% in 2022 to S$20 billion compared with the year before, said Enterprise Singapore in an earlier media release.

Executive Chairman Mr Kwek’s visit follows the 4th Singapore-Shanghai Comprehensive Cooperation Council (SSCCC) held in Singapore in April this year. At the event, Mayor Gong invited Singaporean companies and business leaders to utilise opportunities offered by the China International Import Expo and actively expand into the Chinese market.

Since the country’s reopening earlier this year from restrictions of the coronavirus pandemic, China has been wooing foreign investors to bolster the economy for post-COVID recovery. Shanghai plans to hold more than 100 events in 2023 to attract overseas capital.