The Standard story points out,
Primary Shanghai project ifc mall, which opened in April 2010, generated nearly HK$400 million in rents last year.The mall, located in Pudong, has a gross floor area of 1 million square feet. It recorded total sales turnover of around HK$5 billion last year after drawing about 30 million visitors.“We plan to open up the second phase during the third quarter of next year, which will add another 100,000 sq ft to mall space,” Fung said.SHKP currently has 38 million square feet of prime retail space spread across Shanghai, including 6 million sq ft added this year.The developer aims to expand by another 5 million sq ft next year, followed by 1 million sq ft in 2013 and 8 million sq ft the year after.
As China’s shoppers don’t seem to get tired of buying things very quickly, mall developers such as SHK should enjoy a nice ride for the foreseeable future.
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