Chongqing- The first 10-billion-level of high-end commercial complex Central MixC will be built in Southwest China’s Chongqing Municipality. It is one of eight major international consumption center projects announced in Chongqing on April 8.
The Central MixC will be built into Chongqing’s first 10-billion-level high-end commercial complex, jointly developed by China Resources Land Limited (CR Land) and Hongkong Land.
This project is the high-end shopping center of the China Resources MixC series. CR Land is one of China’s leading shopping mall operators, ranking first in China’s top 100 commercial real estates in 2021, and has worked with over 5,400 brands, including over 100 high-end international brands.
Another developer of this project is Hongkong Land which has successfully operated in core cities in the Asia-Pacific region for 133 years.
“The project, jointly developed by CR Land and Hongkong Land, covers an area of 100 mu (6.7 hectares ), with a total capacity of 245,000 square meters, of which about 143,000 square meters is commercial space. It is planned to build the first 10-billion-level of a high-end commercial complex in Chongqing,” said Zhao Zhao, deputy general manager of the Chongqing Branch of the West China Region of CR Land.
With projects like Central MixC, Chongqing’s business district will rise from Southwest China to the top of the world.
Other major projects include Chang’an International Commercial Street, Yangpao Bureau 1862 Cultural and Creative Park, Xu Beihong Art District, Wubao International Ecological Sports City, Chongqing Times Center, Jiangbeizui Luxury Hotel Brands, and Big 9th Street. Total investment is estimated at over $11 billion.
The big proposal has attracted 13 investors to participate in the development opportunity, including Jade Industry of South Asia Future Investment Group and Far East Times Plaza. The investment volume will exceed 15 billion yuan (about 2.4 billion U.S. dollars).
To accelerate the construction of the international consumption center, Chongqing has planned six consumption clusters in Jiangbei District alone, including Jiangbeizui International Luxury Shopping Spot, Cuntan International New Town, Guoyuan Port Multimodal International Logistics Hub, Beibin Road Slow Life Leisure Experience Ecological Economic Belt, Wubao International Ecological Sports City.
In 2021, the total sales value of Jiangbei District had ranked first in the Chongqing with over 558 billion yuan. Cross-border e-commerce has reached 6.9 billion yuan, accounting for 60% of Chongqing’s total value. These advantages make Jiangbei District a suitable location for constructing an international consumption center.
According to policies released in February, Chongqing offers financial incentives up to one million yuan or 40% of the total investment to major well-known commercial brands for choosing Chongqing as the location for their first store in Asia, the Chinese mainland, southwestern China, or in this city.
Due to the rapid development of online shopping, people are more willing to shop at shopping malls that contain more first stores or first brands.
Two hundred three brands chose Chongqing as the location for their first store in 2021, which is an important requirement for building an international consumption center.
In addition, the nighttime economy in Chongqing has been greatly developed, as dozens of urban night market areas were built, making Chongqing the first place among the ten most influential night market cities in China.
Wang Wei, director of the Institute of Market Economy of the Development Research Center of the State Council, said that international consumption centers are advanced forms of upgrading domestic consumption markets, collecting new consumption resources, and further cultivating and strengthening their ability to increase consumption.