Swire to Open New Taikoo Li Shopping Center in Xi’an
The property developer has announced plans to open the fourth iteration of its fashion and lifestyle concept, Taikoo Li, in the former Chinese capital of Xi’an, a city in the northwest of the country. This will be the group’s seventh commercial building in mainland China.
Swire Properties will take a 70% stake in the joint venture with a 30% stake taken by local company, Xi’an City Huanwen. Total investment in the project is expected to reach around 10 billion yuan ($1.58 billion).
The new Taikoo Li will be a retail-focused project with a low-density open-plan design, but will also include cultural facilities, a luxury hotel and serviced apartments. It is expected to be completed by the end of 2025 with a total gross leasable area of 269,000 square meters.
Taikoo Li, the retail real estate brand owned by Swire Properties, has already found success in Beijing and Chengdu, with these properties growing retail revenue by 27% and 21.9% respectively in the last quarter. Meanwhile, the Taikoo Li property in Shanghai, which opened in October last year, is 90% occupied, according to the company’s financial report.
Xi’an has around 13 million inhabitants and is one of the fastest growing cities in China.
Swire Properties Sees Luxury Mall Revenue Rise Across China
The Hong Kong-based real estate group posted double-digit gains in retail revenue at its properties in mainland China, according to a fourth-quarter operating report.