Redevco Asia Co., an expert in retail real estate in Europe, has launched its first flagship project in Wuhan, the capital of Hubei province.

The company has partnered with Shui On Land Ltd (SOL), a high-end real estate company on the Chinese mainland, and each has invested 9,000 million in the venture. The 1.8 billion yuan project, covering an area of 110,000 square meters, is expected to become a landmark shopping center in central China.

An opening ceremony was attended by Wuhan Mayor Ruan Chengfa, Redevco Chairman Dominic Brenninkmeyer and SLO Chairman Vincent Hong Sui Lo.

“In the first half of this year, Wuhan’s GDP has risen by 15.5 percent, and total retail sales of commodities totaled 19.2 percent. We are optimistic about Wuhan’s commercial growth,” Lo said.

Robert T. Lie, the manager of Redevco, also addressed the opening ceremony. “As a property investor with more than 150 years of experience, Redevco has long paid s attention to the Asian market and has regarded Asia as its second-largest market,” Lie said.