Zhangzhou Mingfa Shopping Mall posts robust sales

The mall was able to attract renowned brands and promote local economic development.  

Mingfa Group (International) Company Limited (“Mingfa”), a leading developer and mega malls operator in China, announced that one of its commercial complexes, Zhangzhou Mingfa Shopping Mall project, has recorded strong contracted sales and also attracted many famous anchor stores as its tenants. 

Zhangzhou Mingfa Shopping Mall is a large commercial complex with office, commercial properties, residential properties and hotel in Zhangzhou, Fujian Province. With a total GFA of 688,000 sq m, it is the largest and latest shopping mall developed by Mingfa. The project has started the construction in 2010 and is expected to be completed in 2013. As at end of October 2011, it has recorded strong contracted sales of about 190,000 sqm in commercial, office and residential properties. A number of renowned names including Sunning Electrical Appliance and Jinyi International Cinemas also intend to set up their business establishments there. As Zhangzhou Municipal Government is going to move their office to the area adjacent to the Shopping Mall, the region is expected to become a new commercial business district with a strong pedestrian flow, making it another hot spot in Fujian Province in addition to the Group’s Xiamen Mingfa Shopping Mall.

The Group has leveraged its successful operation model in Xiamen Mingfa Shopping Mall to other commercial projects. Xiamen Mingfa Shopping Mall has attracted many famous international brands comprising Carrefour and B&Q, large department stores and large cinema. Xiamen Mingfa Shopping Mall has become a landmark integrated facility with fabulous entertainment, shopping and food and beverages, as well as leisure, tourist and cultural attractions in Xiamen and boosting the daily visitation rate to 50,000 to 100,000 customers. With a total GFA of 420,000 sq m, it has provided more than 30,000 jobs opportunities and generated tax revenue of several hundred million RMB for the Xiamen Government annually, according to a Mingfa report.

Having abundant experience in development of large commercial complex projects, and the generation of recurring tax revenue, strong pedestrian flow and urbanisation, the Group has received invitations from other local governments of second- and third-tier cities through signing MOUs with these local governments to develop similar commercial complex projects. For example, the Yangzhou Municipal Government invited the Group to build Yangzhou Mingfa Shopping Mall, which not only boosted the residential market in Western Yangzhou, but also advanced the urbanisation of the city and improved the residents’ living standard by providing convenient facilities. 

In consideration of its unique business model and balanced properties mix, the Group achieved satisfactory performance this year even the Chinese Government imposed more austerity measures on the residential properties. The Group mainly focuses on commercial and residential properties in second- and third-tier cities and the purchase restrictions policies have had limited impact on its property prices and volume. As at 30 June 2011, the Group’s total land bank reached approximately 7.6 million sq m, which was sufficient for its development over the next three to four years. The Group recorded contracted sales of approximately RMB2.5 billion for the first nine months of the year. Moving forward, the Group intends to continue to identify quality lands in a prudent approach and monitor the changes in the market closely so as to prepare well for future development.

Mr Wong Wun Ming, Chairman of Mingfa said, “Since our establishment, the Group has seen commercial property as its core business and started to develop this property sector steadily within second- and third-tier cities. Mingfa provides quality properties by adopting a unique business model that enhances its understanding of the local social and cultural situation and address the individual needs of different cities. The Group’s success has earned the appreciation of a number of local governments with an invitation to develop properties and forge close strategic and working relationships with related governmental authorities aimed at boosting local economies. In the future, the Group intends to leverage our experience and capability to develop its business through a prudent and gradual approach in a drive to become a major commercial property developer with nationwide projects.”