Beijing's venerable shopping brand Wangfujing is expanding to the southern Chinese city of Foshan.
Wangfujing Department Store has published a report, stating that in the way of shareholder loan, it will offer a CNY99 million three-year interest-free loan to its affiliated company, Foshan Xiongsheng Wangfu Mall Investment Company, to establish a new shopping center project in Foshan.
The new Wufujing shopping center in Foshan will have a land area of 42,394 square meters. According to the initial plan, the total construction area for commercial use will be about 90,000 square meters and the parking and related area will be about 40,000 square meters. This new project is located at the intersection of Jihua Silu, Chancheng district and Foshan avenue.
During 2011, Wangfujing opened two new outlets in Erdos and Chengdu, respectively. So far, the company has developed a number of reserve projects, including those in Zhengzhou, Fushun, Tangshan, Fuzhou, Changsha, Xi'an, and Fuzhou.