Construction recently commenced on Galleria, Chengdu's first upscale European upscale shopping mall.
With a total investment of CNY650 million, this is also the first large-scale comprehensive retail business in Chengdu directly invested in by a European investment institution in Chengdu, and is expected to attract a number of European brands.
Galleria is scheduled to be completed in the first quarter of 2010 and will be in trial operation by mid-2010. The total area of the shopping mall will be 86,000 square meters with a business scope covering clothing, jewelry, catering, beauty salons, and a cinema.
The shopping mall is developed by the Netherland GTC Real Estate N.V. and the Hong Kong Lucky Hope Group, holding shares of 75% and 25%, respectively. GTC Real Estate N.V. is part of the Kardan N.V. Group. It entered China in 2005, and has developed seven residential and business projects in Shenyang, Xi'an, Hangzhou and Changzhou, with a total investment of around CNY1.6 billion.
GTC has won the development right of Galleria in July 2007 and this is GTC's first shopping mall development in China. "The shopping mall will be an international one, but its pricing will suit Chengdu's consumption level," said Erez Applerot, CEO of GTC China. "We will not just sell top luxuries; the middle income class is also one of our main targets."