Hang Lung Properties marked its 65th anniversary in 2025 by launching a new “V.3” strategy focused on expanding and upgrading assets in existing cities. The flagship project is Hangzhou Hang Lung Plaza at Wulin Square, a 19 billion RMB ($2.66 billion) development of more than 390,000 sqm, with 83% of its retail space pre-leased and Tower E offices fully occupied. In July, the company signed a 20-year lease for the north and south blocks of Hangzhou Department Store, starting in 2028. The move will triple the project’s street frontage. CEO Weber Lo said traffic and sales have recovered since mid-2025, with stronger performance expected in Q4.