Lenovo is trying to cashing in on the exploding real estate market in southern China. The local question is: What impact will the newly announced project in Shenzhen have any impact on the Triangle?

The reason WTW asked: Media reports noted that the complex would be the “headquarters for Lenovo’s international-business business units.”

The world’s No. 1 PC manufacturer operates one of its two corporate executive headquarters in Morrisville. The other is in Beijing. But its latest real estate play is in boomtown Shenzhen (population 11 million), which is just north of Hong Kong.

Times have been difficult for Lenovo recently with smartphone sales and PC sales dropping, but the company is aggressively looking for growth opportunities. It recently bought most of partner NEC’s share in a Japan joint VC joint venture, for example, and launched a startup incubator in Hong Kong as part of a bigger investment fund for new companies. Now comes the development deal.

Lenovo is teaming with big international real estate developer Tishman Speyer, which is based in New York, for the $1.35 billion project. And Tishman Speyer hyped the deal.

“Through this dynamic mixed-use development we will further activate the Houhai central business district of Shenzhen, providing the office space and amenities that local workers and residents want,” CEO Rob Speyer said in the announcement.

Local insight

The Skinny reached out to Ray Gorman, Lenovo’s executive director of external communications who is based in Morrisville, about the project.

“Absolutely none whatsoever,” he said when asked if this deal would hit the Triangle in any way.

Asked about any possible effect on Lenovo’s Beijing operations, Gorman downplayed the Shenzhen development.

“It’s just another site,” he noted.

Shenzen’s growth and appeal as an economic hub appealed to Lenovo, Gorman explained.

“As one of China’s Special Economic Zones, and its proximity to Hong Kong, Shenzhen has become a hub of international commerce and manufacturing,” he said. “Lenovo has long had a presence there.”

Asked why Lenovo chose to partner with Tishman Speyer, Gorman wouldn’t say, noting: “Dealings with our partners are confidential.”

The complex will cover 2.2 million square feet and will include office as well as retail space. It will be located in the heart of the city’s downtown business district.

Completion is set for the third quarter of 2020.