New malls for China
Real estate developer Hang Lung Properties is to open four new malls in the mainland China beginning next year.
Hang Lung Properties says it will invest a total of 90 billion yuan ($14.7 billion), including land acquisition, in four malls in Tianjin, Dalian, Kunming and Wuhan.
Chairman Ronnie Chan Chi-chung says the company targets less competitive second-tier cities.
The company has recently opened its sixth high-end shopping mall in the mainland China – the Center 66 in Wuxi.
Phase 1 of Center 66 spans a gross floor area of 262,720 sqm (excluding car park areas). In addition to the shopping mall, Phase 1 comprises two office towers expected to be due for completion in phases from 2014.
Center 66 has a retail area of 118,000 sqm housing about 250 tenants including fashion labels seeking to have their first presence in Wuxi including Chaumet, Kate Spade, Prada, Roger Vivier, Valentino and more. It also hosts an extensive array of other internationally renowned brands including Cerruti 1881, Emporio Armani, Ermenegildo Zegna, Moncler, Rimowa, Salvatore Ferragamo, Tod’s, Uniqlo and Victoria’s Secret.
Phase 2 of Center 66 will consist of commercial and office facilities as well as a hotel and serviced apartments. Upon completion, it will bring the total gross floor area to a 375,720 sqm (excluding car park areas), making it the largest retail and commercial landmark in the central business district of Wuxi.