HK’s Cheung Kong promotes major mainland project
Updated: 2013-03-22 22:00
By WANG YING (chinadaily.com.cn)
|
|||||||||
Hong Kong-based Cheung Kong (Holdings) Ltd on Friday unveiled a development plan for its largest commercial complex to date on the Chinese mainland.
The project — known as Upper West Shanghai — will be located in the future business center of the city’s Putuo district, and is expected to be a main driver for the development of local businesses and retail firms, analysts said.
The huge commercial complex, potentially a Shanghai landmark, will have a total gross floor area of 1.17 million square meters, and will comprise multiple property types including Grade A offices, shops, serviced apartments, hotels, and residential areas.
The Zhenru area of Putuo district used to be the city’s wholesale market for seafood and fruit, with a cargo railway station nearby.
“In order to develop this area into Shanghai’s next sub-center, like the Xujiahui of Xuhui districts, we need a heavyweight developer to drive the quality up,” said Lu Qilin, research director at Shanghai Deovolente Realty Co, a Shanghai-based real estate agency.
Hong Kong-listed Cheung Kong, chaired by tycoon Li Ka-shing, will take a leading role in upgrading Zhenru into a sub-center.
By putting various property types together, the complex will be able to attract people both at working and leisure times, said analysts. Traditional office areas have difficulties in attracting customers at night or weekends as people go home after work, but with the retail facilities, the complex will have a more diversified customer base.
Developing commercial complexes is a trend among Chinese developers. China Vanke Co Ltd, the nation’s largest property developer by market value, owns about 6 million sq m of commercial projects in 52 cities. Among them, 18 are shopping malls, Xinhuanet.com reported.
The rising consumption power of Chinese people backs such lofty projects. In 2012, the total value of retail sales and per capita consumption expenditure of urban households rose 14.3 percent and 10 percent on a year-on-year basis, respectively, according to a report jointly compiled by Knight Frank and Holdways.
- Li Na on Time cover, makes influential 100 list
- FBI releases photos of 2 Boston bombings suspects
- World's wackiest hairstyles
- Sandstorms strike Northwest China
- Never-seen photos of Madonna on display
- H7N9 outbreak linked to waterfowl migration
- Dozens feared dead in Texas plant blast
- Venezuelan court rules out manual votes counting
Most Viewed
Editor's Picks
American abroad |
Industry savior: Big boys' toys |
New commissioner
|
Liaoning: China's oceangoing giant |
TCM - Keeping healthy in Chinese way |
Poultry industry under pressure |
Today's Top News
Boston bombing suspect reported cornered on boat
7.0-magnitude quake hits Sichuan
Cross-talk artist helps to spread the word
'Green' awareness levels drop in Beijing
Palace Museum spruces up
First couple on Time's list of most influential
H7N9 flu transmission studied
Trading channels 'need to broaden'
US Weekly
Beyond Yao
|
Money power |