Wharf (Holdings) has begun construction of its Chongqing Times Square project in a bid to capitalise on China's Go-West programme, aimed at promoting development in the western provinces.
The Chongqing project is part of Wharf's ambitious programme to develop a series of mainland composite properties modelled on Times Square in Causeway Bay, Hong Kong.
Harry Wong, managing director of Wharf China - Wharf's mainland business arm, said construction of the 1.6 million-square-feet project was expected to take two to three years.
He said the project would benefit from the Go-West programme, which aims to narrow the economic divide between eastern provinces and its relatively poor hinterland.
Chongqing was the only city in western China directly under the control of the State Council and it could tap business generated from along the Yangtze River, he said.
The first phase of the project, including a six-storey retail podium above a three-level basement and three residential towers, will be completed late next year.
