Search

IN FOCUS
LEISURE & ENTERTAINMENT | Staff Reporter, Hong Kong
Published: 09 May 12
757 views


West is where the money is

For Hong Kong’s mall developers, the phrase “Go West” means go to Chengdu.

The capital of Sichuan province in southwest China is one of the top ten cities to invest in out of 280 urban centers in China. That and other advantages have drawn Hong Kong developers to invest some US$1.3 billion to build malls in Chengdu.

Among the Hong Kong heavy hitters betting on Chengdu are Swire Properties Ltd; Sun Hung Kai Properties Ltd., the world’s second-biggest property company; Henderson Land Development Company and Wharf Holdings Ltd.

Swire’s US$1 billion retail and office project in the Chunxi Road area will include almost 111,484 square meters of mostly street-level shopping space. It will open in early 2014

Wharf Holdings is scheduled to complete its Chengdu IFC, a high-end residential and commercial complex of 4.7 million square feet, in mid-2013.

“It’s almost like they’re creating a Causeway Bay here,” said Backy Fung, managing director for western China at Savills.

These Hong Kong investors are have gone west after the Hong Kong government imposed property curbs that contributed to the city’s slowest economic growth in three years. Western China, of which Chengdu is a part, is home to a quarter of China’s population.

Beijing’s “Go West” policy aims to allow western China to catch up with wealthier coastal areas such as Shanghai and Guangdong province.

“It’s still very hard to find good shopping malls in Chengdu,” said Eddie Ng, managing director for the city at property broker Jones Lang LaSalle Inc. “Luxury brands couldn’t find proper space here. The projects coming onboard in the next few years will change the retail landscape.”

China's state council has designated Chengdu as the country's western center of logistics, commerce, finance, science and technology, and a hub of transportation and communication. It is also an important base for manufacturing and agriculture.

Read more here.



Sign up for our newsletter

 

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.

Tags: Chengdu, Swire Properties Ltd; Sun Hung Kai Properties Ltd., the world’s second-biggest property company; Henderson Land Development Company, Wharf Holdings Ltd.

LATEST LEISURE & ENTERTAINMENT JOBS »
PRINT ISSUE »

Available at news stands now 

Subscribe Now
Cash-flush tourists in HK

87 views

Is Central Hong Kong a ghost town in the making?

176 views

As goes Singapore, so goes Hong Kong?

159 views

MOST READ EXCLUSIVES

Hong Kong’s 10 most expensive hotel suites

Hong Kong’s 10 most expensive hotel suites

Guess which tops the list at HKD158,000 a night.

by KRISANA GALLEZO
26 May 2014 | 7354 views
 

Hong Kong’s 12 MBA Programmes under $300,000

Hong Kong’s 12 MBA Programmes under $300,000

The cheapest is at HKD61,600.

by KRISANA GALLEZO
9 Jul 2014 | 1642 views

This startup could be a good buddy for small scale businesses

This startup could be a good buddy for small scale businesses

You’d be asking hundreds of people just to like your page no more.

by KRISANA GALLEZO
30 Jun 2014 | 794 views
 

See how this fashion startup aims to fill the gap where Pinterest has failed

See how this fashion startup aims to fill the gap where Pinterest has failed

It plans to be the go-to site for future brides.

by
13 May 2014 | 487 views

Former investment banker launched HK's first financial comparison site

Former investment banker launched HK\'s first financial comparison site

The startup raised $3m funding in just one year.

by KRISANA GALLEZO
23 Jun 2014 | 474 views
 

How a startup was born from a simple jam meetup of two strangers

How a startup was born from a simple jam meetup of two strangers

It helps businesses to design user experience integrating the online and offline worlds.

by KRISANA GALLEZO
7 Jul 2014 | 408 views

HK startup sets up a site enabling people to donate to charities using bitcoins

HK startup sets up a site enabling people to donate to charities using bitcoins

That’s at almost zero transaction fee.

by KRISANA GALLEZO
16 Jun 2014 | 346 views
 

Hong Kong startup creates first intellectual property marketplace in APAC

Hong Kong startup creates first intellectual property marketplace in APAC

It has over 27,000 patents to date.

by KRISANA GALLEZO
6 Jun 2014 | 233 views

Hello SaaS providers: This may be the startup for you to ramp up your revenue

Hello SaaS providers: This may be the startup for you to ramp up your revenue

Japan’s OnLab / Digital Garage believed so much on this that it provided $150,000 funding.

by KRISANA GALLEZO
17 Jul 2014 | 214 views
 

See how Zyppos allows you to hire travel experts for worry-free flights

See how Zyppos allows you to hire travel experts for worry-free flights

It helps you find the best flights and lowest fares.

by KRISANA GALLEZO
29 May 2014 | 169 views
close Don't Show Again

STAY INFORMED! Get our free weekly newsletter