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Market News

Market news

Beijing

  • Beijing Wangfujing Department Store, together with Yinchuan Jianfa Group and the Yinchuan government has signed a strategic corporation framework agreement to build ‘Yuehai City Complex Project’. The total area of the project is about 240,000 sqm, with a total investment of RMB 50 billion. Setting shopping mall, leisure, entertainment, catering and culture in one, the project aims to provide high quality business retail service to Yinchuan residents.
  • In the recent years, the proportion of catering to new opening shopping malls is increasing continuously. Following this trend, Chaoyang Joy City, Solana Lifestyle Shopping Park and Duhui City Mall have improved their catering scale in a new round of adjustments. In particular, six restaurants, dessert shops and coffee shops such as QT, Shu Xin Pang, are newly opened in the past mid-year. More special local food such as curry tiger, Bird’s Nest Pizza will land to the mall later this year.


Chongqing

  • Loncin Center, which has a gross floor area (GFA) of 380,000 sqm, consists of three office towers and two podiums and enjoys a core position in the Guanyinqiao retail precinct. It will be bought out as an integrated business project with office and retail because of its advantages in location and ancillary facility. The exhibition hall will be opened in 13/F, Future International Building on 30 July.
  • Wanzhou Wanda Plaza, the second Wanda Plaza of Chongqing, held its grand opening on 5 July. Besides the majority of apparel brands, it consists of a trade mix of DoubleTree by Hilton, Wanda Cinema and Yonghui Superstores. The position of Wanzhou Wanda Department Store is fashion for young, trendy brands such as G2000 and Plory.


Hong Kong

  • Hang Seng Bank’s current space at Manley House on Canton Road, Tsim Sha Tsui is being subdivided and pre-leased to Chow Tai Fook (234 sqm) and Bonjour (88 sqm) for a monthly rental of HKD 4.3 million and HKD 2 million, respectively.


Taiwan

  • The largest outlet mall at Linkou in the New Taipei City is expected to open in 2017. The mall shall consist of boutique, cinema, food court and specialty supermarket.
  • Hualian Cultural and Creative Industrial Park will be fully opened in 2015. It has New Age Creative Village, Creative Arts Galleries and Innovative Lifestyle Village. It is creating a new and unique business model

Chengdu

  • On 28 June, New Century Global Center, the largest single building in the world, was officially opened. This project is located in Gaoxin district, Chengdu and occupies a total construction area of 150,000 sqm, becoming another masterpiece of Exhibition and Travel Group (China). This center consists of shopping center, luxury hotel and office building, as well as waterpark and commercial town. Such a diversified business body has attracted the eyes of a number of brands, including H&M, Gap, Muji and Lotte. The customers will also expect to have the superb experience provided by the largest IMAX cinema and the only ice sports center in south-western China.
  • Pacific Department Store, which has stayed in the Chengdu Commercial Building for ten years, will say goodbye to its customers. On 5 August, Chengshang Corporation and Pacific Holdings Limited have reached an agreement, which marked the ending of the conflicts related to the distribution of profits of both sides. According to the agreement, the Pacific Department Store will hand over the Chengdu Commercial Building. In the meantime, Maoye Store will replace Pacific Store, whose shareholder is Pacific Holdings Limited, This paves the way for the opening of the Chunxi Shop of Maoye Corporation. The newly opened Maoye Store will resemble the Pacific Department Store in terms of market positioning, business partners and employees, continuously providing high-quality shopping experience to the customers.


Guangzhou

  • R&F Haizhu Plaza is planned to open in 2014. Located in the Jiangnan Xi catchment, the project is positioned as a mixed-use landmark project in the Haizhu district, with total GFA 130,000 sqm, composed of 60,000 sqm retail space and 50,000 sqm office space.


Shanghai

  • Iapm had a soft opening on 5 August. Its total area is 326,000 sqm, while the retail area covers 130,000 sqm. Brands include Apple, Longchamp, Dunhill, PRADA, HUGO BOSS, Gucci, Z Zegna, Mui Mui and Jimmy Choo.
  • Global Harbor, one of the largest shopping centers in the world, opened in Shanghai on 5 July. The development covers total area of 480,000 sqm, while the retail area covers 320,000 sqm. From B2 to 4/F more than 400 retail stores and 100 food, beverage & entertainment office have opened in Global Harbor. The building offers parking lots with more than 2,200 capacity and the biggest roof garden in Shanghai.


Shenzhen

  • China Resources (CR) Land will invest RMB 30 billion to develop an upgraded The MixC project with a GFA of 2 million sqm. This mixed-use project will take nine years to develop and will be located in the Dongmen catchment, which is already a prime location with flourishing retail atmosphere.