The 40,000-sq.m. mall will have branches of IKEA, Decathlon, and Auchan, and a Chinese retail chain.
Global Trade Centre Real Estate NV (TASE:GTC) subsidiary GTC Real Estate China Ltd. and its Hong Kong partner Lucky Hope will build a 40,000-sq.m. mall in Chengdu. The company paid €25.8 million for the land and estimates the total investment in the project at €57 million. Construction will take three years. The company already operates in Shenyang and Xian, and 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.
GTC China will own 75% of the Chengdu Mall and Lucky Hope will own 25%. GTC Real Estate is a subsidiary of Kardan NV (TASE: KRNV;AEX:KARD). Kardan Joseph Greenfeld told the Chinese media that he hoped to expand the company’s presence to ten Chinese cities.
Published by Globes [online], Israel business news - www.globes.co.il - on July 29, 2007
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