China again largest retail building site globally
Print Edition
CHINA remains the world’s largest retail construction site with over 50 percent of all developments, and has eight of the top-10 cities building the biggest shopping centers, a research released yesterday by global property advisor CBRE showed.
Globally, 39 million square meters of shopping centers are under construction, up 3 million square meters from 2013, and more than half of all developments are taking place in China, according to CBRE which tracks 180 major cities worldwide. The survey was based on new shopping centers of over 20,000 square meters and excluded retail warehousing and factory outlet centers.
“With unprecedented pace of urbanization and a rising middle class, there is an increasing demand for modern shopping facilities in China,” said Frank Chen, executive director and head of CBRE Research China.
Shanghai ranks first with 3.3 million square meters of shopping malls under construction, followed by Chengdu with 3.2 million square meters, Shenzhen with 2.7 million square meters and Tianjin with 2.5 million square meters.
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