Kingkey Group to Renovate Caiwuwei Area
Around ninety percent of shareholders of Caiwuwei an urban village stock company in the financial hub of Luohu district have all agreed and have selected the Shenzhen based developer Kingkey group to do the renovations of their village.
Kingkey was the company responsible for developing the city’ tallest building, the Kingkey 100 which is also found in Luohu. The plan village renovation will cover 120,000 square meters which includes the demolition of a landmark hotel. Improvement in the village is a part of Kingkey’s planned master renovation project that covers the entire Caiwuwei area that is bordered by the Mixc shopping center, Hongling Road, Hongbao Road and Binhe Road.
The renovations in the area are part of the districts ongoing efforts in turning itself into an international consumption center, hosting top international fashion institutions and brands. The renovations will include the demolition of the landmark Hotel Oriental Regent, one of Shenzhen’s 10 signature buildings. The hotel will be replaced by a new landmark structure.
Luohu district officials are planning to invest 100 billion yuan in the span of five years for the renovation of five major areas namely, Caiwuwei, Shubei-Buxin, Sungang-Qingshuihe, Liantang and Shennandong.