CHENGDU, CHINA-Taiwan-based laptop maker Clevo Co. has opened a new 1.2-million-square-foot Chicony Plaza department store here in large mixed-use development. The 12-story store is connected to a 25-story Grand Hyatt hotel.
Goettsch Partners, based in Chicago, said in a statement that the 450-room Hyatt is not yet completed, but will open in late 2012. Clevo reportedly owns the land, and is one of Chicony’s largest shareholders. The retail store was supposed to open late last year. A reason for the delay has not been released.
As confidence in China’s ability to stay ahead of a development bubble dwindles for its main cities, experts such as Washington, DC-based Urban Land Institute have said that secondary cities such as Chengdu will still be impressive targets for growth. Chengdu ranked the highest on a recent ULI survey for development attractiveness in China.
Large projects continue to move forward in the city. Goettsch is also working on a two-million-square-foot office complex here for Poly Real Estate Co. Ltd., and an office-retail mixed-use project on 80 acres, designed by RTKL.
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