City Developments Limited (CDL) has partnered with China's Lianfa Group to acquire a prime mixed-use development site in Shanghai's Huangpu District for RMB 8.94 billion (approximately $1.66 billion). The 27,994 square meter site will allow for 77% residential use, 19% commercial, and 4% for public amenities, as part of a project aimed at revitalizing the area. CDL, through its subsidiary Chenghong Shanghai, holds a 51% stake in the joint venture, with Lianfa Group owning the remaining 49%. The development will feature luxury villas, high-rise apartments, a boutique hotel, and retail spaces, with construction expected to begin soon and completion slated for 2030. This investment marks a significant return to the Chinese market for CDL, following substantial losses from previous ventures. Despite challenges in the sector, residential sales in central Shanghai have shown resilience, with recent projects experiencing strong demand.