New World Development (HKG:0017) unveiled K11 Elysea, a 1.4 million-square-foot cultural-retail complex in Shanghai, The Standard reported Thursday.

The project will rise on Huaihai Road, a luxury shopping area dubbed the "Champs-Elysees of the East," and will include retail, art spaces, and office towers, the report said.

It will sit opposite the Shanghai K11 Art Mall and is expected to create a "twin landmark" effect, according to the report.

New World signed a strategic partnership with local authorities at the naming ceremony to strengthen commercial ties, the report added.

Hermes Greater China President Cao Weiming expressed interest in becoming an anchor tenant at the K11 ATELIER tower in Tsim Sha Tsui, the Standard said.

Shares of the Hong Kong developer were up about 3% in recent trade on Friday.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)