Hongkong Land set to open US$1.1b Beijing shopping centre this month

Hongkong Land Holdings, the largest commercial landlord in Central, is making its first retail foray in Beijing - a market that drastically differs from its home turf.

The developer will start trial operation of WF Central, a 150,000 square metre retail, dining, hospitality and lifestyle hub in downtown Wangfujing, at the end of November. The US$1.1 billion investment is the company’s first large-scale shopping centre endeavour in China’s capital. It also operates shopping centre in Shanghai, Chengdu and Chongqing.

The company said it envisaged the complex as a Beijing landmark of quality living, by integrating luxury, fashion, food, lifestyle, art and culture, and a 74-room Mandarin Oriental hotel. The retail space is about 50,000 square metres.

Hongkong Land has spent a lot of time and energy on this project. Although it acquired the site in 2011, negotiations to buy the property stretch back more than 10 years.

“WF Central is poised to meet the needs of China’s next-generation of consumers and stands as a testament to Hongkong Land’s ability to transform communities with diverse, sophisticated and attractive development,” said Raymond Chow, executive director of the company at a press conference. “This is not a 10-year, 15-year investment. It is a generational investment.”

With the soft opening Hongkong Land will introduce a mix of more than 100 tenants including luxury brands such as Chopard, Jimmy Choo and Moschino and also fast fashion brands like Victoria’s Secret and Pandora. Dining includes Cheesecake Factory, Beijing’s first; lifestyle such as Yan Ji You Bookshop, Pure Yoga centre and footwear and sports apparel brand Under Armour.