Guangdong-based property developer China Aoyuan Property Group has acquired a 51 per cent stake in Yicheng International Shopping Mall project.
The developer has paid 51 million yuan to Jiangmen Haoxiang Properties Company, which retains 49 per cent in the project.
Yicheng International Shopping Mall will be built at a prime site of the New District of Beicheng of Pengjiang District, Jiangmen City, Guangdong. The shopping mall will be a large integrated project of commercial and resident properties with total gross floor area of approximately 300,000 sqm.
The New District of Beicheng enjoys convenient transportation and well established social infrastructure which includes schools, shopping malls, museums, hospitals and a park, etc. The project will be only 2.4 km from the developer’s another project Jiangmen Aoyuan.
“Our strategy of ‘rapid development and rapid sale’ will apply to the new integrated project of commercial and residential properties in Jiangmen,” said Aoyuan chairman Guo Ziwen.
“The acquisition of a site for building Yicheng International Shopping Mall has expanded the group’s quality land bank for commercial and residential properties in Guangdong and strengthened its brand influence and its leading market position,” said Ziwen.
