SKP to Launch in Guangzhou Via Yuexiu Property Partnership [Yahoo! Finance Canada]
HONG KONG EX&CL UNSP/ADR (HKXCY)
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Source: Yahoo! Finance Canada
The partnership was officially signed in Guangzhou on Monday. More from WWD Feng Zhonghua, Party Secretary of Guangzhou; Sun Zhiyang, mayor of Guangzhou; Ji Xiao An, the chairman of SKP , and Chen Qiang, Yuexiu Group chairman, attended the signing ceremony. According to an SKP statement shared with WWD, SKP Guangzhou is expected to become “a new consumer landmark in the Greater Bay Area” with annual sales of over 10 billion renminbi, or $1.4 billion. According to local media reports, the project aims to drive 30 billion renminbi, or $4.3 billion, in retail sales within six years of opening. In addition, the new luxury department store will help “drive the coordinated development of upstream and downstream industrial chains including fashion, exhibitions, culture, tourism and high-end services,” said SKP. Construction of the 1.35-million-square-foot plot will began in late March and the store aims to be open in three to four years, according to state media reports. Under
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