[photopress:Chengdu.JPG,full,alignright]GTC Real Estate China and its Hong Kong partner Lucky Hope will build a 40,000-sq.m. mall in Chengdu. The company paid RMB272 ($36 million) for the land and estimates the total investment in the project at RMB588 million ($77.7 million).
Construction will take three years. The company already operates in Shenyang and X’ian, but the Chengdu project is its first mall venture.
Chengdu is the capital of Szechuan Province and has a population of over six million. The mall will be built in a new neighborhood of the city, which will include government buildings, a high-tech center and middle-class residences.
The mall will comprise four buildings, three of which will be branches of IKEA, Decathlon, and Auchan, and the fourth will be a branch of a Chinese retail chain.
Source: Globes Online