Hang Lung Properties has signed a 20-year operating lease for No. 1038 Nanjing West Road (the former Meilongzhen Plaza) in partnership with Shanghai Joinbuy Group. The project, located one block from Plaza 66, will add 96,000 sqm to Hang Lung’s portfolio on the street, expanding its total commercial space there by 44%. The two parties will jointly invest 2.2 billion RMB ($308 million) in renovating the property into a mixed-use complex targeting younger consumers, with retail set to open in early 2027 and office/hotel spaces launching by May 2028. The lease is part of Hang Lung’s asset-light “V.3 Strategy.” Hang Lung’s mainland rental income fell 2% YoY in H1 2025.