One of Kardan's residential projects in China
צילום: נעמה סיקולר
Kardan Group to open first mall in China
GTC China, local partner to invest 57 million euro in shopping center in western city of Chengdu
GTC China of the Kardan Group will invest 57 million euro (about $77.8 million) in its first mall in China. The shopping center will be built in the western city of Chengdu, the capital of the Sichuan Province.
This is Kardan's first real estate investment in the area.
The mall will be constructed in the southern part of the city on an area stretching over 20,000 square feet (215,280 square feet), in a new quarter which includes government buildings, a high-tech center and residential areas for the medium-upper class.
Three stores belonging to well-known international chains – Auchan, IKEA and Decathion – are located in the area, as well as another store belonging to a large Chinese chain.
The project will be carried out with GTC China's local partner, the Lucky Hope Group from Hong Kong. GTC China's part in the deal will be 75 percent. The parties paid 25.8 million euro ($35.2 million) for the land and are expected to invest another 31.2 million euro ($42.58 million) in the construction of the mall in the next three years.
GTC RE is the Kardan Group's real estate activity branch outside Israel. GTC RE and the companies it holds engage in locating, initiating, developing, renting and selling different projects in the international real estate arena.
The group is now active in more than nine countries in eastern and central Europe, and through GTC China the group has also been active in the Chinese market in the past two and a half years, focusing so far on residential projects. (13,200 units).
