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Retailers See Expansion, Challenge in China

LAS VEGAS-China is undergoing explosive growth patterns, but has considerable vacancy, according to speakers at the ICSC convention.

By Debra Hazel | Updated on May 22, 2007

LAS VEGAS-Retailers and developers expect explosive growth in China’s major cities, particularly through the 2008 Olympics, but care must be taken to avoid overbuilt, largely vacant shopping centers, speakers said at a special focus on China at the ICSC Spring Convention, being held here.

China’s real estate markets only became a stable commodity in 1992, said Henry Cheng, director and CEO of Chongbang Development Ltd. Group, Shanghai, which opened the 2.6 million-square-foot Life Hub at Daning mixed-use project in Shanghai last year.

“It’s like a 15-year-old child,” Cheng said. “And we know the next 15 years will be very different from the last 15.” Growth will be maintained, with first-tier cities staying solid, and a ramping up of development in second-tier cities, Cheng said.

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