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Retailers find Chinese cities buzzing
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HALF of the top-20 most active shopping center markets globally are found in Chinese cities, said a CBRE report.
The Chinese cities took up a total of 5.7 million square meters of shopping center space completed last year, according to the report, which has tracked 171 cities globally and focuses on new centers of more than 20,000 square meters excluding retail warehousing and factory outlet centers.
The largest volume of shopping center space delivered to the market was in Wuhan, capital of Hubei Province, with nearly 1 million square meters spanning eight projects, said the world’s largest commercial real estate services provider.
Chengdu, which topped the list in 2013 by completed developments, followed closely with 981,000 square meters of projects in 2014. Beijing with 926,600 square meters was third, and Chongqing with 776,000 square meters was the fourth-most active market. Wuhan, Chengdu and Beijing together contributed half of the new completions in China last year.
Globally, more than 39 million square meters of shopping center space were under construction at the end of 2014, with over 32 million square meters located in the Asia-Pacific. China accounts for over 60 percent of the Asia-Pacific’s pipeline and takes nine spots out of the top-10 most active markets in the world.
Shanghai tops the ranking for most new space under construction with 4.1 million square meters, followed by Shenzhen with 3.4 million square meters and Chengdu with 3 million square meters.
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