China's SKP Beijing Hualian Group has announced the construction of a luxury shopping center in Guangzhou.
China's SKP Beijing Hualian Group has announced the construction of a luxury shopping center in Guangzhou. For the company, which specializes in luxury goods, it will be the first such project in the south of the country.
At the first Global Unicorn CEO Forum in Guangzhou, SKP signed an agreement for the project with the city government. "This year's meeting showed us the tremendous growth momentum of Guangzhou. We are optimistic about the potential of the 'commercial capital of the millennium' and its viability as a modern city," commented Changjun Zhu, development director of SKP.
A possible timeline for the project has not yet been announced. The Mall SKP is expected to be built in a central area in the city and will be one of the projects under the government's ongoing program to revive a dormant commercial district. It is currently home to car, furniture and home goods retailers.
Guangzhou is the capital of Guangdong province and the third largest city in the Middle Kingdom. The largest and most popular shopping and entertainment center in recent years remains Taikoo Hui Guangzhou, owned by Swire Properties. At the end of last year, sales at Taikoo Hui increased by one-third. Some of the top brands have opened their stores, for instance Celine mono in July and Balenciaga in late September.
Experts say that the construction of the new luxury mall will allow more luxury and premium brands to enter the Guangzhou market. SKP operates two shopping malls with locations in Beijing and Xi'an. The developer also plans to open a new mall in Chengdu by the end of 2022, and a mall in Wuhan is due to open in 2023.