New World Development Company Limited, which engages with property development and investment businesses on the Chinese mainland, appointed Pritzker Prize-winning architect Shigeru Ban and RIBA silver medallist Ole Scheeren to design and build its comprehensive flagship project in Hangzhou, Zhejiang province.

The two world-renowned architects will design the Hangzhou Wangjiang New Town project and build it into a new art and cultural destination in the city.

New World Development Company Limited's collaboration with the two architects will create a rich juxtaposition for the site, capitalising on their unique styles and design aspirations, the company said.

Adrian Cheng, executive vice-chairman and chief executive officer of New World Development Company Limited and executive chairman of New World China Land Limited, said the project team uses the concept of design thinking to build a landmark that meets the needs of the new generation.

"At New World Development Company Limited, it is of equal importance to develop our business and address long-term social needs," Cheng said. "We believe we can create a win-win situation for society by maintaining a positive social interaction in an innovative way."

The project will be inspired by Shigeru Ban's fondness for nature, traditional values and innovation, which echo with New World Development Company Limited's vision of "Creating Shared Value".

Ole Scheeren is a strong advocate of the concept of "form follows fiction", which is in line with the company's beliefs of "breaking the boundaries and blending tradition with modernity".

Hangzhou Wangjiang New Town is expected to be developed into three industrial areas – the southern part driven by cultural industries, central part by commercial, international and innovative enterprises and the northern part by financial institutions.

With a total area of 460,000 square meters, the Hangzhou Wangjiang New Town project will first introduce cultural-retail destination K11 Art Mall, a network of office buildings for the next-generation workforce K11 ATELIER, luxury residences K11 ARTUS, a Rosewood Hotel and cultural space.

The project, aimed to contribute to making the city a benchmark for innovative urban life and a role model for sustainable development, is New World Development Company Limited's first move in Hangzhou, with an expectation to help develop Hangzhou into a top financial center in Asia.