Future Land Development targets 100 malls
Hong Kong-listed Future Land Development says it plans to open more than 80 new shopping malls in Mainland China within three years.
That would give it a network of 100 centres – more than five times the current portfolio. It currently has 17 properties trading and 36 in various stages of construction.
Chen Deli, co-president of Future Land, believes its retail sales that could top RMB120 billion (US$18 billion) by 2020.
“We want to increase the number of commercial properties to achieve a big scale,” he said. “With the right scale, Future Land’s commercial property platform will be able to create and deliver value.
“Seemingly, shopping malls in China are grappling with an oversupply, but few of the existing projects can really cater to consumers’ demand,” he said. “We have our own vision and ideas, and we believe we can impress the young shoppers with our products.”
Those comments appear to be backed up by performance: the company claims it had a 97 per cent occupancy rate in its malls at the end of June.