The foundation-laying ceremony of Yifeng Commercial Center was held on Oct 13 in Datong, launching the joint project sponsored by Yifeng International and the Datong municipal government.

The foundation-laying ceremony of Yifeng Commercial Center was held on Oct 13 in Datong, launching the joint project sponsored by Yifeng International and the Datong municipal government.

With an investment of 10 billion yuan ($1.6 billion), the commercial center will cover approximately 10 billion square meters and have hypermarkets and business centers, Datong Daily reported.

The center will include multifunctional space for exhibition, retail, storage and logistics. It will be one of the biggest trading centers in North China and will potentially rival Yiwu, a county-level city in Zhejiang province famous for its small commodity trade and vibrant free markets,

Headquartered in Shanghai, Yifeng International is among the top 10 commercial real estate companies in China, with abundant financial resources and valuable experience in market operation. The group, which emerged as a commercial real estate company, has now extended its business operation to various areas, including finance and filmmaking to name a few. Its filmmaking subsidiary plans to go public in 2015.

After well-rounded market research, Yifeng International decided to invest in Datong thanks to its favorable polices and business foundation. The Datong municipal government believed that Yifeng’s operations matched the city’s development strategy. The two connected easily and decided to integrate operation of Yifeng Commercial Center into the city’s strategic plan to establish a modern tourist industry with a comprehensive set of services for tourism, retail and entertainment.

Mayor of Datong Geng Yanbo and Vice-Mayor Cao Xuecheng attended the foundation-laying ceremony.