China Merchants Bank's subsidiary China Merchants Real Estate will open Shenzhen's first regional shopping mall in the first half of next year in Shekou.
Located next to the Wal-Mart Shekou store, Garden City Center marks CMRE's entry into the shopping mall business. The center is still under construction and 90 percent of its 70,500-square-meter commercial area has been rented.
With a total investment of US$74 million, the shopping mall will target middle and high-end families in Nanshan District.
More than 100 brands have signed contracts with the shopping mall, including five key shops: Wal-Mart, B&Q Life, Decathlon, MCL and Zijingcheng, to provide healthy lifestyle products, clothing, entertainment and food and drink.
He Jianya, vice president of CMRE (SZ) Co., said the company's entry into the shopping mall business factors in the population changes impacting the district's commercial environment.
In the past, Shenzhen people seldom bought apartments in Nanshan District. Now, with the opening of Binhai Thoroughfare, the relocation of the city center to the west, and the construction of the Western Corridor.