The heir-apparent of Hong Kong billionaire Vincent Lo’s property flagship says the company will weather storm thanks to robust Shanghai portfolio and early deleveraging, while urban regeneration will drive next wave of growth.
Stephanie Lo in May assumed the role of vice chairman of mainland China-focused Shui On Land, the flag-ship unit of Shui On group, founded in 1971 by her billionaire father, Vincent Lo. She will have plenty on her plate as she is tasked with steering the developer through a property market crisis that began in 2020 when the Chinese government kicked off a crackdown on excessive borrowing by builders.
Lo knows to play a long game, and plans to remain steadfast while waiting for the turmoil to subside. In September, Beijing unveiled its biggest stimulus package since the Covid-19 pandemic, including lower borrowing costs and smaller down payments on second homes. “There will be some more years to come before we can actually settle and see a bounce back,” she tellsin an exclusive interview at the company’s Hong Kong headquarters three days after the stimulus measures were introduced.
Lo, a trained architect, also points to Shui On Land’s focus on creating big developments that preserve historic neighborhoods and transform them into retail and entertainment destinations. Chief among them is Shanghai Xintiandi, a 1.8-million-square-meter site launched in 2001 that turned a rundown area into an upscale shopping, entertainment and business district.
Lo joined Shui On Land in 2012 after working at architecture and design firms in New York. She became vice chairman of subsidiary Shui On Xintiandi in 2017 and executive director of Shui On Land a year later. Her 76-year-old father is chairman of both Shui On group and Shui On Land and majority shareholder of the latter.