$352M China Project Wins Approval

CHANGZHOU, CHINA-A major retail, commercial, hotel and residential development here in the state of Jiangsu has received planning permission. The two-phase plan, called Landmark Commercial Center, comprises four million sf.

Valued at $352 million, the project is being developed by Scarborough Developments (China) Ltd., a wholly owned subsidiary of London-based Scarborough Property Company plc, and Top Spring International Corp., a Hong Kong-based real estate company.

Changzhou has a population of around four million people and is situated approximately 160 kilometers from Shanghai. The 2.5-million-sf first phase of Landmark Commercial Center will incorporate four floors of prime department and food store retail and shop space. Demolition and site clearance are already under way and construction of it will commence in July 2004, with completion in December 2005. Negotiations have started for the pre-sale of a major portion of the retail center.