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

demand-for-coworking-space-will-transform-uk-office-market-over-next-decade

Demand for Coworking Space will Transform UK Office Market Over Next Decade

5m-local-economy-boost-from-kirkstall-forge-development

£5m Local Economy Boost from Kirkstall Forge Development

stamp duty reform will make scotland less competitive

Stamp Duty Reform Will Make Scotland “Less Competitive”

most haunteds favourite haunts

Most Haunted’s Favourite Haunts

barwood unveils second joint venture logistics scheme

Barwood Unveils Second Joint Venture Logistics Scheme

kingsway shopping centre bought by queensberry real estate

Kingsway Shopping Centre bought by Queensberry Real Estate

new headquarters will double linkedins irish workforce

New Headquarters Will Double LinkedIn’s Irish Workforce

tata steel to sell long products division

Tata Steel to sell Long Products Division

latest markham vale development ready by spring

Latest Markham Vale Development Ready by Spring

wh smith attributes profit rise to transportation hub expansion

WH Smith attributes Profit Rise to Transportation Hub Expansion

israeli billionaire tightens his grip on camden market

Israeli Billionaire Tightens His Grip on Camden Market

regulator casts doubt on grand central sale to network rail

Regulator casts doubt on Grand Central Sale to Network Rail

Tokyo-tops-Asian-Market

Tokyo tops Asian Market

US-German Partnership Snaps Up Three More UK Parks

US-German Partnership Snaps Up Three More UK Parks

Vacant retail shop to let

Vacancy Rates Climb in Irish City Centres

British soldier with the reflection of UK flag in glasses looking forward

Cheshire Munitions Factory Sale attracts ‘Considerable’ Interest’