Retail News
- Guangdong News
Date: 15-Jun-2007 Sources: (People's Daily)
Construction of a 33-story commercial building started in Guangzhou's Nonglinxia Road on Wednesday.
The first nine floors of the skyscraper, called Jianhe Commercial Plaza, which will cost more than 700 million yuan, will be shopping malls when the project is completed.
The Guangzhou Yuexiu district government is expecting to attract more overseas companies to set up their chain stores and outlets in the building that's likely to be completed in five years, according to a Xinhua report.
It's the biggest commercial building on Nonglinxia Road. Construction of the building is part of the local government's efforts to convert the 800-meter Nonglinxia Road into a new shopping paradise in the southern metropolis.
'Nonglinxia Road is expected to become a famous commercial street that can compete with Huaihai Road in Shanghai, the biggest commercial hub of the country,' said Wang Jiling, director of Economic and Trade Bureau of Yuexiu District of Guangzhou.
Wang said Nonglinxia Road will be built into a commercial street that will attract franchised stores of famous international brands such that it attracts people from around the world for shopping and sightseeing purposes.
Wang's bureau is seeking foreign financial support to help expand and reconstruct Nonglinxia Road, already one of the city's busiest streets.
Wang said overseas brands will make a killing if they open outlets on Nonglingxia Road that lies in Guangzhou's traditional commercial center.
Guangzhou is a commercial hub and logistical center of Guangdong Province. The prosperous Pearl River Delta city has long been known for its delicious dishes and good shopping environment and service.
Official statistics indicate Guangzhou's product sales volume would cross 1 trillion yuan this year. The figure was 844.2 billion yuan in 2006, up 14.6 percent year-on-year and accounting for 36 percent of the province's total.
Guangzhou has planned to invest more than 250 million yuan in five years to construct infrastructural facilities for Nonglingxia Road.
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