CHINA. Swire Properties and China Tourism Group* are celebrating a burgeoning cooperation for the Sanya Yunjie Island duty & tax paid project in Haitang Bay, Hainan province that has seen the opening of Louis Vuitton (on 27 October), Alexander Wang, Buccellati, Celine, Dior, Fred and 13 other stores (all tax paid) since late September.
Swire Properties is mainly responsible for the property leasing and operation management of the project. The group said its vision is to enhance the project’s positioning as a premium international retail destination in Hainan. [Look out for a more detailed report in the next edition of The Moodie Davitt China Travel Retail Report eZine, out next month].
Since the completion of its renovation and upgrade at the end of September, the Sanya Yunjie Island duty paid zone project has welcomed a flurry of luxury brands to be followed by the phased introduction of more than 90 renowned international and domestic brands.
The offer will embrace luxury goods, sportswear and food & beverage, featuring such household names as Damiani, Giorgio Armani, Hublot, Loro Piana, Ralph Lauren and Tod’s.
Swire Properties said its participation in the Yunjie Island (taxed) commercial project is another important step in the group’s plan to enter Sanya by developing its first resort-type high-end retail project in the area.
The development is located in the centre of Haitang Bay National Coastal Recreation Park and will be completed in phases.
*Note: As reported, Swire Properties is partnering with CDF Investment & Development Co (CDFID), a subsidiary of China Tourism Group, to develop the retail landmark.
The mega development is the company’s eighth large-scale commercial development in Mainland China. Swire Properties and China Tourism Group each hold a 50% interest in the project.
The developments forms part of Swire Properties’ strategic plan to invest a total of HK$100 billion (US$12.7 billion) in its core markets, including Southeast Asia, Hong Kong and the Chinese Mainland, to drive growth over the next decade. ✈
