Retail in Asia

In Shops

HK builders plan shopping malls in Chengdu

Hong Kong developers are heading deeper into the Chinese mainland to lure shoppers, investing at least USD1.3 billion to build malls in Chengdu, the city vying with Chongqing as the economic hub of western China.

Swire Properties will open a CNY6.4 billion (HKD7.8b, USD1.01b)) retail and office project in downtown Chengdu in early 2014. Sun Hung Kai Properties, Henderson Land Development and Wharf Holdings also plan malls in the city of 11 million people.

The builders are betting on the western region even after Beijing imposed property curbs that contributed to the slowest economic growth in almost three years.

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(Source: scmp.com)