Kwek Leng Beng Reaffirms Hong Leong's China Bet With Top Shanghai Official

Singapore property and hotel tycoon Kwek Leng Beng has reaffirmed his confidence in Shanghai and sees opportunities to deepen Hong Leong Group's presence in China.

- Angela Tan

Speaking at a meeting in Shanghai with its party secretary Chen Jining on Sept 9, Mr Kwek said that as a long-term investor in China, he remained confident in the Chinese financial hub's "resilience and strong fundamentals."

"We see abundant opportunities to deepen our presence, advance sustainable development initiatives and contribute meaningfully to Shanghai's ongoing transformation," said Mr Kwek, who is executive chairman of family-owned conglomerate Hong Leong Group and Singapore-listed developer City Developments (CDL).

"These could include participating in Shanghai government funds, with proceeds disbursed to companies within the high-tech, innovation framework or with global consumer connections," Mr Kwek said.

He noted that Shanghai's fast-expanding technology and innovation hubs would complement sectors such as finance and urban management.

This was the first meeting between Mr Kwek and Mr Chen.

Mr Chen, Secretary of the Shanghai Municipal Committee of the Communist Party of China, urged the Singapore tycoon to expand Hong Leong's footprint in China and seek new development opportunities.

"As urban renewal, industrial transformation and technological innovation quicken pace, there are expanding opportunities for both foreign and domestic enterprises to develop the city," he said.