Chinese Developers Build Skyscraper Shopping Centres

Posted on 2 August, 2012 by Jodee Redmond

Major Chinese property developers are turning their attention skyward. In Chengdu, developers have either proposed or started projects for 30 skyscrapers for a brand new financial centre. Each one of the buildings will be at least 60 stories in height.

More than 90 commercial projects are under construction in the city, which was ranked as No. 1 in 2011 for commercial real estate project starts. COFCO Group is building an office-hotel-retail complex called Wanda Plaza in the city. Demand for commercial real estate is huge, and there have been no new shopping Centres opened in the city for a number of years.

Chengdu is a relatively wealthy city, and it is still growing. All its new commercial spaces are expected to be filled relatively quickly. Smaller centers, with a population of about one million people (which is small in China), may end up with too many stores if developers go ahead with plans to open 10 new shopping centers per city.

Some experts are predicting that the enormous growth the city has experienced is a bubble which will burst as early as next year. Local governments have been taking steps to attract developer cities like Chengdu and Erdos, Qingdao, and Dalian by pushing through plans for software developments parks, financial centers, and financial streets for new commercial buildings. More development is considered to be a positive development for the city, since it leads to more employment and higher tax revenues.

Some smaller centers have determined that most of the land available for development will be zoned as commercial. In first-tier cities, almost all land sales are for commercial purposes. The same scenario is being played out in some second-tier cities as well.

The China Commercial Real Estate Association has reported commercial retail floor space in shops, markets, and shopping Centres across the nation increased 26 per cent in 2011 to 56 million square meters. In the same year, commercial investment increased to 730 billion yuan $114.6 billion).




Leave a Reply


Recent Posts

Canary-Wharfs-Crossrail-Place-Opens-to-the-Public

Canary Wharf’s Crossrail Place Opens to the Public

Westminster-Council-orders-Developer-to-rebuild-Demolished-Pub-Brick-by-Brick

Westminster Council orders Developer to rebuild Demolished Pub Brick-by-Brick

Happy woman holding shopping bags smiling and holding cell phone

Smartphone Shoppers boosting High Street Fashion Sales says BRC

Albert Dock and Liver Buildings Liverpool UK

Albert Dock reports Record Breaking Visitor Numbers

Victoria Quarter Leeds city centre West Yorkshire. UK

Séraphine joins Luxury line-up at Hammerson’s Victoria Quarter

Electronic circuit board

University of Sheffield submits Advanced Manufacturing Campus Plans

Westgate-Alliance-aims-to-reshape-Oxford-Shopping-Experience

Partnership aims to reshape Oxford Shopping Experience

LandAid-calls-on-the-Property-Industry-to-back-Towering-Challenge

LandAid calls on the Property Industry to back Towering Challenge

Development-Securities-reports-Record-Annual-Profits

Development Securities reports Record Annual Profits

Muse-Bickerstaffe-Square-adds-to-Awards-Tally

Muse’s Bickerstaffe Square adds to Awards Tally

Down Street 1

TfL seeks partner for historic Tube Station transformation

hand sun and blue sky with copyspace showing freedom or solar power concept

Pioneering Business Park switched on to Solar Power

Airport-City-interest-flying-high-after-Chinese-Tour

Airport City interest flying high after Chinese Tour

Whitbread-promises-Business-as-Usual-as-Boss-steps-down

Whitbread promises Business as Usual as Boss steps down

Increased-Investor-and-Occupier-Demand-points-to-Strengthening-Economy-says-RICS

Increased Investor and Occupier Demand points to Strengthening Economy says RICS

New-Events-Space-launched-at-The-Cheesegrater

New Events Space launched at The Cheesegrater