15 Years in China
A celebration of vision, dedication and commitment
Issue: Dec 2009
Mr Liew Mun Leong, President & CEO of CapitaLand Group (left) and Mr Lim Ming Yan, Deputy Chairman of CapitaLand China Executive Committee opening CapitaLand's "15 years in China" exhibition at Raffles City Singapore
15 good years in China and more
If there is one word that sums up CapitaLand’s achievements in China, it would be Vision. Since the Group entered China in 1994, CapitaLand has become one of the top foreign developers there building up a portfolio worth over S$20 billion (on a when-completed basis). This comprises 106 projects spanning 40 cities, including Raffles City developments in 5 cities, shopping malls and Ascott serviced residences across China in both key gateway cities such as Beijing and Shanghai as well as other key Chinese cities including Chengdu, Hangzhou, Ningbo and Shenzhen. Just this year, it was recognised as one of China's Top 500 Real Estate Developers by China Real Estate Survey Center, a research body.
“I congratulate CapitaLand as they celebrate 15 years of partnership and success in China. This has been made possible through the vision, dedication and commitment of the company and its people to make a difference consistently and tirelessly through the years, ” says Ms Ho Ching, Executive Director and CEO, Temasek Holdings.
Raffles City Beijing, one of the five Raffles City developments in China, which has helped extend the Singapore brand abroad
Its 15-year head start has given the Group a proven competitive edge in China. Today CapitaLand is not only one of the leading international real estate companies in the country, it is also making it its business to grow the industry locally.
“Real estate is a highly localized business and we have an ongoing effort to localize the Group’s overseas management and leadership. CapitaLand employs about 5,000 employees across China of which a significant 97% are local Chinese. These talented locals understand local business norms and consumer requirements and will enable us to grow our business in China rapidly,” says Dr Richard Hu, Chairman of CapitaLand Group.
Local staff who have served 15 years in China receive a token of appreciation from Mr Liew at the “15 years in China” exhibition opening
CapitaLand intends to stay committed to its vision in China. The nation’s average growth of 10% per annum for the last 30 years is tremendous. With the forecast that China will overtake the US as the world’s largest economy by 2020, its growth is unstoppable.
“CapitaLand is a long-term investor in China and our target is to expand from the current 28% of our total business to between 35% and 45% in the next 3 to 5 years. China is our most successful overseas market and will continue to grow given the demographics, massive urbanization programme and economic growth,” says Mr Liew Mun Leong, President and CEO of the CapitaLand Group.
A Foreign Developer, a Local Partner
Besides building world-class commercial and retail spaces, CapitaLand has, over the past 15 years, developed or is developing a total of 28,000 homes (with a gross floor area of 4.2 million square metres). The Group’s network of strategic operation centres enables it to tap into the respective growth regions across China. This provides the platform for CapitaLand to build mass to high-end homes tailored for the lifestyles of the local residents.
Apart from contributing to the local economy, CapitaLand has also been involved in several social projects in China. Among them, the Group has sponsored cultural exchange programmes between the two countries and built schools for children in rural areas.
“Singapore and China enjoy a robust bilateral relations. Singapore-headquartered multinational companies like CapitaLand have, over the years, developed a deep understanding of China and have been instrumental in building close economic ties between the 2 countries. CapitaLand in particular has distinguished itself with significant social contributions to China, such as its generous donation to children affected by the May 2008 Sichuan earthquake and the building of CapitaLand Hope Schools to provide improved school facilities for children in rural areas,” says Her Excellency Zhang Xiaokang, the Ambassador of the People’s Republic of China to Singapore.
Capturing 15 years in China in a visual treat
To mark its accomplishment in China, CapitaLand Group showcased its achievements in an exhibition aptly entitled, “15 Years in China”. Held at Raffles City Singapore, the exhibition was part of a series of activities in Singapore and China organised by CapitaLand to celebrate this momentous occasion.
An educational exhibit of CapitaLand’s milestones in China
Highlights of the exhibition include videos and archived photographs of its projects across the country as well as models of Raffles City Beijing and Raffles City Chengdu, which are designed by internationally-acclaimed Stephen Pimbley and Steven Holl respectively. The exhibition also showcased CapitaLand’s corporate social responsibility programmes in China.
More Hope to the community
Since 2004, CapitaLand has been supporting the Chinese government's efforts to promote elementary education to children in rural areas, and to create a more conducive learning environment. The idea was to build classroom blocks and dormitories with the school compound so that children could be spared the arduous trek of up to six hours to school everyday and allow them to be focused on their studies especially during the winter seasons.
CapitaLand Donghua Hope School in Sichuan, one of the seven CapitaLand Hope Schools already opened in China
To date, the Group has collaborated with the Chinese government to establish nine CapitaLand Hope Schools in Yunnan, Guangdong and Sichuan provinces. As part of its 15th anniversary celebrations, CapitaLand has pledged to build another six CapitaLand Hope Schools in China, bringing the total in the country to 15. The six new schools are located in Inner Mongolia, Zhejiang Province and Guangdong Province.
Bringing “Beary” cheers
To bring more cheer to the good relations between Singapore and China, CapitaLand will be making a conservation donation to support a 10-year collaborative effort between Wildlife Reserves Singapore and China Wildlife Conservation Association to promote giant panda conservation and research.
This conservation donation is yet another testament of CapitaLand’s long-term commitment to China. For all its CSR efforts in China, CapitaLand was conferred “Outstanding Corporate Citizen of China” in 2008, a coveted CSR award given by the Ministry of Civil Affairs’ China Committee of Corporate Citizenship and China Central Television.