The commercial property
Website

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

Jamie-Oliver-gets-Approval-for-New-Restaurant-as-Victoria-Transformation-Continues

Jamie Oliver gets Approval for new Restaurant as Victoria Transformation Continues

Harris-and-Hoole-announces-upcoming-Closures

Harris + Hoole announces upcoming Closures

Stanhope-Scheme-will-Pay-Homage-to-BBC-Television-Centre

Stanhope Scheme will “Pay Homage” to BBC Television Centre

_DX_5559.jpg

Silverstone puts Northants in Pole Position for Growth

Redevelopment-of-Liverpool-Landmarks-hailed-as-an-Investment-in-the-Future

Redevelopment of Liverpool Landmarks hailed as an Investment in the Future

Cornish-Coffee-Shop-Campaigners-fail-to-curb-Costa

Cornish Coffee Shop Campaigners fail to curb Costa

Fosse-Park-expansion-likely-following-acquisition-by-Crown-Estate-Partnership

Fosse Park expansion likely following acquisition by Crown Estate Partnership

CBRE-Global-Investors-acquires-prime-Colmore-Row-Asset

CBRE Global Investors acquires prime Colmore Row Asset

Record-Scottish-Office-Deal-sealed-in-Aberdeen

Record Scottish Office Deal sealed in Aberdeen

Shangri-La-skypool-opens-at-The-Shard

Shangri-La “skypool” opens at The Shard

Shop-Vacancy-Rates-fall-again-but-Business-Rates-reform-is-still-required-says-BRC

Shop Vacancy Rates fall again but Business Rates reform is still required says BRC

Morrisons-extends-Opening-Hours-in-bid-to-halt-Falling-Sales

Morrisons extends Opening Hours in bid to halt Falling Sales

New-JLR-Hub-will-focus-on-Discerning-Customers

New JLR Hub will focus on “Discerning” Customers

funding-sought-for-station-business-centre-project

Funding Sought For Station Business Centre Project

wanda-group-to-build-1.2b-mixed-use-project-on-prime-la-site

Wanda Group to Build $1.2B Mixed Use Project on Prime LA Site

bonmarche-the-high-streets-best-kept-secret

Bonmarche – The High Street’s Best Kept Secret