Virtual land is a hot investment. After an announcement by New World Development’s CEO in Hong Kong, Adrian Cheng joined the fray to invest in The Sandbox, and buy one of its most valuable plots, Adrian Cheng is now the chief executive officer.

Cheng, who is the scion of one of Hong Kong’s wealthiest families, is looking to go in big on the metaverse. His virtual world will include an “innovation hub” that highlights the business success of startups in the Greater Bay Area, a government-backed economic region that links Hong Kong and Macau with nine Guangdong cities.

The hub will include 10 companies including Lalamove (logistics unicorn), Prenetics (diagnostic, genetic testing and developer), Casetify (tech accessories brand), and DayDayCook (an Alibaba-backed online cooking community). All the featured companies have ties with either New World Development, Cheng’s venture capital firm C Ventures, or his startup accelerator Eureka Nova. According to a press release from Cheng’s office, these startups will offer exclusive NFTs, entertainment, and immersive experiences. According to the CEO:

Providing platforms for the next generation to be empowered to create, innovate and feel part of something that’s paving the way for the future is critical to progress. We must keep up with the digital world’s constant evolution by constantly exploring and developing the metaverse.

Cheng has made a calculated move in the space of blockchain and metaverse. In May his VC firm participated in an 8 million financing round for RTFKT Studios. RTFKT Studios was a Los Angeles-based company that develops custom virtual sneakers. C Ventures was the lead investor in a Matrixport round, which saw Matrixport raise $100 million. Matrixport operates out of Singapore and provides crypto-based financial services.

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