Economy

Markets

Industries

Insights

Reports

Events

Southern plan brings in top retailers

(China Daily)
Updated: 2009-11-17 07:56

Top retailers have said they will open new outlets in southern Beijing, just 10 days after the city government unveiled its ambitious development plan for the area.

Zhang Yucheng, deputy director-general of Daxing district bureau of commerce, said a 44,000 sq m FT shopping mall will be constructed in Daxing district in October next year, according to the Mirror Evening News.

"With the prestigious Wangfujing department store and Quanjude Peking roast duck restaurant, the FT shopping mall will become the biggest and most famous of its kind in southern Beijing," Zhang said.

It is reported that Tesco, one of the biggest supermarket chains in the UK, will open two branches in Daxing and Fengtai districts next year. The Daxing branch will be located in FT shopping mall and open in the first half of next year. The Fengtai district branch will occupy a total of 20,000 sq m and is slated to open in the second half of next year.

"With these world renowned chains, southern Beijing will go through a revolutionary change," Zhang said.

Related readings:  Beijing offers many sports, fitness venues  Beijing central city home price near 20,000 yuan per sq m  Kudelski sets center in Beijing for Asian market expansion  Taxi fares to rise as fuel costs surge in Beijing

Southern Beijing is regarded as undeveloped because of its poor water quality and inefficient infrastructure. It includes the districts of Chongwen, Xuanwu, Daxing, Fengtai and Fangshan.

The gross domestic product (GDP) of residents in northern Beijing accounts for approximately 40 percent of Beijing's total GDP growth. The southern section of the city accounts for much less, according to a report in the Economic Observer.

On Nov 5, the Beijing municipal commission of development and reform released the plan to develop southern Beijing.

It said it would invest about 50 billion yuan over the next three years, which is estimated to bring in about 290 billion yuan investment.

"With the new plan, people will no longer regard southern Beijing as an undeveloped region. The consumption pattern will change, which people will no longer buy properties here and then consume in the north," Zhang said.

Wang Haiping, deputy director from the Beijing development and reform commission, said the government would build seven subway lines as well as new roads and parks by 2014.

Furthermore, in regions that have a large population such as Xuanwu district, the government will encourage residents to relocate to more southern areas, according to Wang.