Chengdu's latest symbol of prosperity
Updated: 2014-01-29 08:45
By Peng Chao and Li Yu in Chengdu and Wang Zhuoqiong in Beijing (China Daily USA)
Chunxi Road has long been a symbol of commercial prosperity in Chengdu, but now it has new rivals: Hongxing Road and the nearby Daci Temple.
On Jan 14, the Chengdu International Finance Square mall opened. It cost some 16 billion yuan ($2.6 billion) and offers 760,000 square meters of space.
The building brings about 300 luxury, jewelry and fashion labels to central Chengdu, capital of Sichuan province.
Founded by The Wharf Holdings Ltd, a listed property and infrastructure company based in Hong Kong, the IFS is based on Harbor City, a mall in Hong Kong.
The Chengdu mall is the first of five IFS projects being developed by the group on the Chinese mainland.
"Taking advantage of Chengdu's rising importance, the Chengdu IFS building and Wharf's experience in retail management, we have received a great response from world-renowned brands and major tenants," said Doreen Lee, executive director of Wharf Holdings.
The highest rent on the main floor stands at 1,800 yuan per sq m a month. Lee said she is confident that store rents alone will generate annual revenue for the group of 500 million yuan.
The shopping center will also house an IMAX movie theater, a supermarket and a bookstore.
The Great supermarket, a high-end supermarket brand that's part of Hutchison Whampoa Co, features more than 10,000 imported products from about 60 countries.
Suzanne Liao, a spokeswoman for Park'n Shop China, said the Chengdu IFS - with its high-end international brands - will be at the level Park'n Shop is aiming for.
"People in Chengdu love food and have strong purchasing power," said Liao. "We are looking forward to introducing our best products to the Chinese mainland."
Just a street away, the Daci Temple Cultural and Commercial Complex is expected to open later this year. Developed by Sino-Ocean Land and Swire Properties, it is a complex that will include a shopping center, boutique hotel and high-end office buildings, according to Chen Lei, general manager of Chengdu Qianhao Real Estate Co Ltd.
The shopping center, Sino-Ocean Taikoo Li Chengdu, has lined up more than 280 brands, including Gucci, Cartier and Ralph Lauren.
More than 70 restaurants offering various cuisines will also be part of the shopping center.
The complex is the second collaboration between the two developers. The first was the Indigo Shopping Center in Beijing, which opened in September 2012.
"The Sino-Ocean Taikoo Li Chengdu is not only a mall but also a perfect integration of regional cultural and history, which is expected to raise the value and environment of the neighborhood," Chen said.
The Chengdu International Finance Square mall on Hongxing Road offers 760,000 sq m of space. Provided to China Daily
(China Daily USA 01/29/2014 page15)