New Chengdu Department Store To Start Construction In December 2008

With a joint investment from the Chengdu Department Emporium Company and Taiwan-based Far Eastern Group, the new Chengdu Department Store will formally start construction in December 2008.

With a total investment of CNY800 million, the building will cover a construction area of 139,918 square meters, including 55,614 square meters of business area, 49,287 square meters of commercial area, and 450 parking spaces. The 162.75-meter high building will be a comprehensive commercial building that integrates a department store, offices, and dining areas. In addition, the B1 and B2 floors of the new Chengdu Department Store will connected to a metro station which is just 30 meters from the store.

Construction of the department store, which was originally expected to start at the beginning of 2009, has gained the full support of the governments of Chengdu City and Jinjiang District so helping the project to star ahead of the schedule.

According to reports in local media, the investor in the new department store is Chengdu Baiyang Industry a joint venture of Chengdu Department Emporium and the Taiwan-based Far Eastern Group. Chengdu Department Emporium owns a two-third stake in the joint venture while Far Eastern Group owns one-third.

Constructed in 1952, the old Chengdu Department Store was a three-floor building. Due to its unique architectural style and strategic location, the building was a landmark of Chengdu.