Tencent prepares its insane version of Hudson Yards in China

Net City in Shenzen would be the Chinese tech giant’s first master-planned community

TRD New York TRD WEEKEND EDITION /
Jun.June 13, 2020 02:00 PM
Tencent CEO Ma Huateng and a rendering of Net City (Wikipedia Commons)

Tencent CEO Ma Huateng and a rendering of Net City (Wikipedia Commons)

Chinese tech conglomerate Tencent is preparing to break ground on a development in Shenzhen that can only be described as a neighborhood built from the ground up.

Work is set to begin on the 21-million-square-foot project dubbed Net City later this year, according to the Wall Street Journal. Net City is set to rise on a 320-acre chunk of government-owned land on the Shenzhen waterfront as big as midtown Manhattan.

Master planner NBBJ has come up with a mix of space to make Net City something like its own ecosystem, including office space, apartments, parks, sports facilities, retail, and a school. It’s planned in three phases.

NBBJ design partner Jonathan Ward said the idea was to build a blueprint for a sustainable city of the future, according to the Wall Street Journal.

There will be few roadways accessible by car and some are designed to make cars drive slower. There’s a large network of bike paths planned, as well as ferries and a subway station.

The coronavirus pandemic has raised concerns that demand will weaken for tightly packed urban developments.

Sidewalk Labs, a development company owned by Alphabet, last month canceled a long-planned 12-acre project on Toronto’s waterfront. CEO Dan Doctorofff cited the “unprecedented economic uncertainty” gripping the global economy.

But the economic fallout from the pandemic could put large parcels of urban land up for grabs to developers, encouraging large master-planned developments. [WSJ— Dennis Lynch


Related Articles

arrow_forward_ios
Hamid Moghadam (iStock)

Prologis CEO: Capital is not an issue, it’s finding properties

Prologis CEO: Capital is not an issue, it’s finding properties
Beijing

Falling rents in China a sign of economic uncertainty

Falling rents in China a sign of economic uncertainty
China’s housing market is into bubble territory

There are fears of a great housing bubble in China

There are fears of a great housing bubble in China
(Google Maps)

Buyers from Hong Kong and China are scooping up London’s luxury inventory

Buyers from Hong Kong and China are scooping up London’s luxury inventory
Private jets, prostitutes and luxury hotels: Broker’s plea deal points finger at LA councilman

Private jets, prostitutes and luxury hotels: Broker’s plea deal points finger at LA councilman

Private jets, prostitutes and luxury hotels: Broker’s plea deal points finger at LA councilman
Shanghai, China (Credit: Pixabay)

Western financial firms still want a piece of Shanghai’s office market

Western financial firms still want a piece of Shanghai’s office market
Workers disinfect an apartment complex in Wuhan (Credit: Feature China/Barcroft Media via Getty Images)

More than 100 Chinese real estate firms have filed for bankruptcy this year

More than 100 Chinese real estate firms have filed for bankruptcy this year
Many wealthy Chinese have chosen to stay overseas during the outbreak. (Photo by TIZIANA FABI/AFP via Getty Images; Unsplash)

Coronavirus disruption is slowing down the global luxury market

Coronavirus disruption is slowing down the global luxury market
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...