(Yicai) Aug. 26 -- JD.Com has joined hands with five other companies to acquire land in the Northern Metropolis area of Hong Kong through a joint venture, with the six parties expected to invest about HKD16.8 billion (USD2.1 billion) in a development project that can provide over 3,000 housing units and more than 6,000 jobs.

The first "area development" pilot project in the Northern Metropolis has completed the evaluation process, the Hong Kong government's Development Bureau announced on Aug. 24. The government awarded the project to HSK New Development after a winning bid of over HKD1 billion (USD127.5 million).

JD.Com, China Overseas Land & Investment, China Merchants Land, China Resources Land Overseas, China Tourism Group, and Sino Land established HSK New Development. The JV unites key players from the residential development, industrial development, infrastructure construction, and other sectors. China Tourism has committed around HKD2.5 billion to the project, while the other five companies are each investing HKD2.9 billion.

The project, located in the Hung Shui Kiu / Ha Tsuen New Development Area, includes four land plots, with three designated for residential and commercial use and one for an enterprise and technology park. It covers about 36,000 square meters, with an allowable gross floor area of about 220,000 sqm and a 50-year lease.

The enterprise and technology park plot is expected to be developed into a world-class smart modern logistics center, with a subsidiary of JD.Com set to be the primary tenant, China Merchants Land pointed out.

JD Logistics is reportedly planning to establish localized warehouses and an operational center in Yuen Long, a town in Hong Kong's northwestern New Territories, by leveraging the Northern Metropolis project over the next few years. It will provide overseas warehousing and distribution, direct mail imports, same-city pick-up and delivery, unmanned operations, and other services, likely creating over 2,500 jobs.

The Northern Metropolis occupies one-third of Hong Kong's land area and is set to become a core hub for urban development over the next 20 years. The city is accelerating development in the region, actively attracting suitable industries.

Editor: Martin Kadiev