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Tag: Chengdu

  • CapitaLand Retail China Trust to buy shopping mall in Chengdu for 1.5b yuan

    CapitaLand Retail China Trust to buy shopping mall in Chengdu for 1.5b yuan

    CapitaLand Retail China Trust (CRCT) is acquiring a shopping mall in Chengdu for 1.5 billion yuan (S$303 million).

    Galleria is located in the Xinnan Tiandi retail precinct of Gaoxin District in the south of Chengdu, a major shopping belt in the city.

    The mall has been valued at 1.52 billion yuan by Savills Valuation & Professional Services as at July 26. Including acquisition-related expenses, the total investment cost for the mall is expected to be about 1.527 billion yuan. CRCT plans to finance the purchase with a mix of existing cash and additional debt.

    When the transaction is completed, the acquisition will enlarge CRCT’s portfolio size by about 14 per cent to 12.55 billion yuan. The mall has a current net property income yield of about 5.4 per cent and the acquisition is expected to be distribution per unit-accretive for CRCT.

    Tony Tan, chief executive of the manager of CRCT, said: “The proposed acquisition will diversify CRCT’s income and strengthen the resilience of our portfolio to deliver sustainable growth. With the opportunity to tap on CapitaLand’s network of five existing malls in Chengdu, the proposed acquisition is aligned with CRCT’s investment strategy to expand our footprint by leveraging on our sponsor’s strong presence in key Chinese cities where it has a competitive edge.”

    Leases accounting for about two-thirds of the mall’s total rent are up for renewal by 2018, which will give it an opportunity to boost rental income by adjusting the tenant mix, he added.

    The six-storey mall, which opened its doors in 2010, has a gross floor area, excluding car park, of about 53,619 square metres and 900 car park spaces. As at end-May, it was fully occupied.

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  • The opening of Joy City Chengdu

    The opening of Joy City Chengdu

    Hong Kong-listed Joy City Property has opened its newest Mainland China mall – Joy City Chengdu.

    The new 400,000 sqm mall opened its doors on Christmas Eve – five days after the opening of sister mall, Joy City Shanghai.

    Joy City Property describes the Chengdu development as China’s “first experiential recreation-cum-shopping park”.

    Located in the Wuhou District of Chengdu, Sichuan Province, Chengdu Joy City is also the company’s first Joy City project in the southwestern part of the country. Chengdu Joy City’s main building is comprised of a grade-A office building, shopping centres and themed indoor pedestrian streets.

    “Inspired by the scenery of the renowned Jiuzhai Huanglong, the architectural design of Chengdu Joy City incorporates elements of Chengdu’s lifestyle and culture, and showcases Joy City Property’s innovation in creating unique modern shopping spaces,” the company said.

    In Joy Street, a round-the-clock themed commercial district of Chengdu Joy City, consumers can enjoy various activities including bars, a mini-theatre, KTV, a video game arena, a studio for creative arts, boutiques, restaurants offering Chengdu cuisine, the largest indoor playground for children in southwestern China and a farm themed adventure park. In addition, there is the Gulu School for original living which consists of 44 creative boutiques in various styles. Serving as a landmark for leisure and social life, the Gulu School fills the gap in the regional market for shopping space.

    Zhou Zheng, VP of Cofco and chairman of Joy City Property, said the development marks his company’s “great stride in expansion of the domestic market”.

    Chengdu Joy City Dec 2015 2

    “This experiential recreation-cum-shopping park is expected to become a landmark for a new style of living and consumption among the locals. Overall, the earlier successful opening of Shanghai Joy City and the grand debut of Chengdu Joy City on Christmas Eve this year mark a milestone in Joy City Property’s development.”

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  • New Apple Store Opens in Chengdu on November 21

    New Apple Store Opens in Chengdu on November 21

    Apple, continuing its aggressive retail expansion in China, has announced that it will be opening its 22nd retail store in the country in Chengdu, a major city in Sichuan Province, on Saturday, November 21 at 10:00 AM local time. The new store is slated to open less than a month after the grand opening of the 21st Apple Store in China in the major port city of Dalian on October 24.The new Chengdu store will be located in the upscale Taikoo Li shopping plaza at 8 Middle Shamao Street in the Jinjiang District, where several high-end retailers such as Gucci, Omega and Zara are located. The store will be open 10 AM-10 PM local time everyday and offer traditional Apple Store services, including the Genius Bar, Workshops, JointVenture, events and seminars.

    Apple has also posted new job listings for its first retail store in Singapore, which is rumored to open in late 2016 at the Knightsbridge four-story luxury shopping center. The company is looking for Specialists, Geniuses, Creatives, Business Specialists and other traditional Apple Store positions.

    Apple does not currently have an official retail presence in Singapore, a large city-state and country south of Malaysia in Southeast Asia, but the Apple Online Store and dozens of Apple Authorized Resellers operate in the region. The closest physical Apple Stores are located several hours away by plane in Australia and Hong Kong.

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  • Cristina Re opens Chengdu tea salon

    Cristina Re opens Chengdu tea salon

    Australian way of life model Cristina Re has opened its first stand alone Excessive Tea Salon and Boutique in Chengdu, China.

    The brand new retailer is situated on the just lately opened Taikoo Li retail complicated in Chengdu an opulent new mall which units a brand new commonplace in purchasing and eating within the metropolis.

    Taikoo Li presents a variety of luxurious manufacturers in a single luxurious complicated whereas sustaining the quaint really feel of a boutique lined aspect road. Luxurious tenants within the centre promise to impress with flagship shops from Gucci, Cartier, Hermès, and Jimmy Choo, amongst others. No expense has been spared within the complicated match out of Taikoo Li which targets the town’s rising center class.

    Cristina Re says she selected Chengdu for the tea salon idea’s debut as a result of it’s considered one of China’s quickest rising markets for luxurious items.

    “Residents of Chengdu have a robust want for western labels and to immerse themselves in  Western tradition.”

    The brand new retailer options the newest in excessive finish structure and inside design, the results of an in depth collaboration between Cristina Re and the designers who sought to create a sense of “atmosphere and splendor”.

    The salon options white marble flooring, bronze and copper fitouts, bespoke white leather-based furnishings and an opulent outside courtyard invoking a sensation of indoor/outside dwelling suited to the hotter local weather.

    Cristina’s trademark aesthetic of making an expensive and  indulgent excessive tea expertise has been prolonged inside the retailer to incorporate a full à la carte menu ready by a well-known worldwide chef from Hong Kong and that includes a fusion of Japanese and Western delicacies with natural produce sourced from around the globe.

    The model says an in depth cocktail and Champagne supply will attraction to the extremely social and classy Chengdu crowd.

    The Cristina Re retailer in Taikoo Li is the primary in a “multifaceted retail technique” the corporate is planning for China together with additional enlargement all through Asia within the  coming two years.

    In Australia, Cristina Re is understood for her signature and opulent trendy patterns and  female type executed throughout a various product vary from stationery to house decor in a mess of boutiques all over the world.

    Increasing the Cristina Re Model into China is a big transfer for the label that started over 20 years in the past and presently provides greater than 1000 wholesalers.

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  • Chengdu IFS mall excels

    Chengdu IFS mall excels

    The 206,000sqm Chengdu IFS mall which opened last year is trading 21 per cent ahead of budget.

    The mall’s success helped drive Hong Kong-based parent The Wharf Holdings’ Chinese revenues by 57 per cent to HK$1.984 billion in 2014. Operating profit in the market rose 30 per cent to HK$991 million.

    Located on the prime intersection of Hongxing Rd, Dacisi Rd and Beishamao St, Chengdu’s busiest pedestrian shopping area, the IFS (International Finance Square) mall is modelled on The Wharf’s Harbour City mall in Hong Kong.

    The total development area of 760,000 sqm features a mega shopping mall designed by Benoy, two premium-grade A office towers designed by Kohn Pederson Fox Associates, a luxurious residential tower and a premium hotel. The mall and the office towers were completed in 2014 and the full development will be completed this year.

    “Since its opening in early 2014, the mega mall has become a one-stop lifestyle shopping landmark in Western China, thanks to its unparalleled location, critical mass, world-class management and services,” said The Wharf in its 2014 profit announcement.

    “Its most comprehensive trade mix, lifestyle and entertainment offering fuels strong demand from the rising middle class. The presence of nearly 300 of the world’s most coveted brands (including over 100 debut stores of renowned brands in Western China) underlined retailers’ confidence in Wharf’s management expertise. With its 530 metre retail street frontage on par with Harbour City’s Canton Rd frontage, Chengdu IFS is comparable to Harbour City in terms of showcase effect and attraction power.”

    The mall is over 99 per cent leased, with 98 per cent of shops already trading. Since its opening, retail sales jumped 400 per cent and foot traffic by 250 per cent at year-end.

    The mall generated a revenue of RMB483 million in 2014, 21 per cent above target, and is expected to reap an annual retail revenue of RMB600 million at full operation.

    Further China success

    The Wharf’s other properties also enjoyed improved fortunes in 2014.

    Shanghai Times Square, located on Huaihai Rd, has been transformed into a high-end retail destination with the largest Lane Crawford store in China and a mega lifestyle specialty store City’Super, upon completion of its substantial renovation in 2013. The renewed mall alongside the new cluster on HuaiHai Rd and the new Lane Crawford complements one another and creates value. Shanghai Times Square was over 99 per cent occupied at year-end after the tenant mix was further refined with the addition of new brands, culinary and lifestyle tenants.

    The Wharf group is developing five IFSs in China, with a scale comparable to or surpassing that of Harbour City and Times Square in Hong Kong. These IFSs, upon full completion by 2017, will significantly enhance the group’s recurring income base in China and be a significant growth driver.

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  • Giant Chengdu book store opens

    Giant Chengdu book store opens

    Award-winning book retailer Fang Suo Commune has opened another stunning store – this time in Chengdu, China.

    Two more are planned later this year – one in Chongqing in March and another in Qingdao later in the year. It is already planning a Shanghai store for 2017.

    Fang Suo Chengdu 1- 215

    The original Fang Suo Commune store, in Guangzhou was named the world’s best retail store in 2013 in the prestigious World Retail Congress Awards. According to Chinese news reports the store turns over as much as 1.5 million yuan (US$240,000) a day, although books account for just 35 per cent of that figure.

    The Fang Suo concept is more than a retail store. The founders want to encourage shoppers to relax and ‘hang out’ in store, as well as to shop. It features a cafe, a home living collection and space for cultural events.

    Fang Suo Commune Chengdu 3 - 215

    The 4000sqm Chengdu store officially opened at the end of January but during a two-month long ‘soft opening’ it attracted between 7000 and 20,000 visitors per day – twice the number of Guangzhou.

    “A brick-and-mortar bookstore that only sells books is unable to survive in the digital age,” Fang Suo Commune chief consultant Liao Mei-li said at the Chengdu opening ceremony.
    “However, what’s amazing about the book industry is that it can do crossovers with many other industries such as beverages and movies. There is a market for such cross-industry bookstores,” Liao said.

    Fang suo commune Chengdu 2- 215

    “To achieve business success, a cross-industry bookstore needs a big enough scale. But most importantly, we need a professional team to operate it. The leading members in Fang Suo’s team all have more than a decade of experience in the book or retail industry,” Liao said.

    The two-storey store, located in Taikoo Li Mall, features a 100 metre long display of books on either side of a giant room and handcrafts selected from all over the world on display tables in the centre.