Qianhai Chow Tai Fook mall opens in Shenzhen
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The new Qianhai Chow Tai Fook mall opened its doors in Shenzhen on Monday – selling Hong Kong sourced goods to mainlanders at prices said to be cheaper than in Hong Kong.
Officially named the Qianhai Chow Tai Fook Global Goods Shopping Center, the 19,000 sqm mall is a joint venture between jeweller Chow Tai Fook and two investment partners.
A total of 21 retail brands opened stores in the first phase of the development opened yesterday, including beauty products chain Sa Sa, fast fashion brand Giordano and CRCare. They are joined by a range of food and infant formula retailers.
More stores will join the development when stage two opens next summer.
The HK$423 million shopping centre has been built inside the Shenzhen special economic zone, taking advantage of tax concessions and allowing mainlanders to buy Hong Kong sourced goods without crossing the border.
Shenzhen has a population of 20 million creating a huge potential catchment for the development.
Adrian Cheng Chi-kong, executive director of the Qianhai Chow Tai Fook mall, said it will not be competing with the border shopping mall planned for the Hong Kong side of the border, explaining the two properties will cater for different clienteles.
Questions & Answers
Q.What is the primary purpose of the new Qianhai Chow Tai Fook Global Goods Shopping Center?
What is the primary purpose of the new Qianhai Chow Tai Fook Global Goods Shopping Center?
Its main purpose is to sell goods sourced from Hong Kong to mainland Chinese consumers. It offers these products at prices reportedly cheaper than those found in Hong Kong, and shoppers can buy them without needing to cross the border.
Q.Which companies are involved in the ownership and development of the new mall?
Which companies are involved in the ownership and development of the new mall?
The mall is a joint venture between the jeweller Chow Tai Fook and two other investment partners. Adrian Cheng Chi-kong is the executive director for the Qianhai Chow Tai Fook mall, which opened on Monday.
Q.How large is the new shopping centre and what was its total construction cost?
How large is the new shopping centre and what was its total construction cost?
The new shopping centre spans 19,000 square metres. Its total construction cost amounted to HK$423 million. It is situated within the Shenzhen special economic zone, benefiting from tax concessions.
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