SHANGHAI - Located in the heart of Lujiazui, Shanghai's financial and trade zone, the nation's largest shopping mall - IFC Shanghai - opened its doors in June. It's developer? None other than Hong Kong-based Sun Hung Kai Properties Ltd (SHKP), the world's largest by market value.

It's definitely an upscale shopping experience with more than 25 high-end brands represented including Louis Vuitton, Gucci, Prada, Chanel, and Salvatore Ferragamo.

SHKP's Keith C.S. Wong, director of Shanghai IFC Mall's retail leasing department, said the recently opened mall fills a gap in the market in Lujiazui. Despite having iconic buildings located there such as the Oriental Pearl Tower and the Jinmao Tower, the area lacked entertainment options such as shopping and dining. Wong says that with IFC Shanghai now on the scene, this is no longer the case.

SHKP had originally started looking for appropriate projects back in 2006. Now, some four years later, the first phase of the mall has been fully leased out. And retailers are showing great interest in the second phase, due to be opened in 2011, according to Wong.

"By the completion of the second phase, IFC Mall should have more than 200 retailers with leasing contracts between three and five years," said Wong.

The contracts from SHKP consist of a base rent and a partnership commission based on the performance of the retailer.

China Daily

(HK Edition 09/07/2010 page3)