Outlet centre developer Value Retail is demonstrating its confidence in China as it plans further investment in the nation.

The developer, minority owned by real estate company Hammerson, will invest 350 million euros (US$457 million) through 2015 to open new outlet centre in Shanghai and Beijing and other tier one cities.

“The Chinese aren’t spending money on hotel rooms or restaurants; they want to go home taking products and gifts,” said chairman Scott Malkin.

Malkin said the company believes there’s a huge business potential with China’s spending power continuously growing.

Value Retail’s first outlet centre in China will open early next year in Suzhou. The outlet centre’s first phase will contain around 100 boutiques of fashion and lifestyle brands in addition to complementary restaurants and cafes.

Meanwhile, the developer also plans to spend 150 million euros to expand some of its European outlets.