The massive urbanization and continued growth in wealth will propel the development of commercial property in the Chinese mainland, which has become a priority destination of many retailers marching into Asia.
Thomas Tam, executive director commercial of China Xintiandi Ltd (China Xintiandi), said this in an interview. The company is engaged in commercial property in the mainland and is a subsidiary of Hong Kong-listed Shui On Land.
The commercial property sector has faced challenges during its rapid development, with oversupply seen in a few regions, increasing homogenized competition and the erosion by e-commerce.
However, Tam believes the demand is still expanding for beautiful life experience, which cannot be satisfied by homogenized commerce or e-commerce. In the long run, the competition will improve the commercial environment in the market.
China Xintiandi's answer to the competition is to create commercial communities, piloted by the Shanghai Xintiandi initiated a decade ago.
A community of this kind integrates commercial property, office buildings, hotels and leisure and entertainment facilities to create dynamics in the area.
China Xintiandi deliberates on the combination of different business types and the innovation of various projects, such as children and family areas in some projects and innovative catering combination in some other projects, Tam said.
Through the management and joint efforts with businesses, the company works to explore better and different experiences for consumers.
The company is also dedicated to staging activities such as New Year countdown, fashion show and music festival.
Lingnan Tiandi in Foshan, Guangdong province, which is also an urban regeneration project like Shanghai Xintiandi, recorded 50 percent growth in people flow and 45 percent increase in revenue in the first 10 months of this year. The project was launched in 2012.
China Xintiandi marked the topping-off of a shopping mall and an office building at Lingnan Tiandi earlier this month.
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