Retail giant Mal Mart will open its 68th China shopping mall in Haikou,
capital of Hainan Province, south China.
It will be the first of the kind
in this southern Chinese island province.
The Commercial Property Limited
of Shenzhen International Trust and Investment Co. Ltd.(SITIC), the Chinese
partner of Wal Mart-SITIC General Merchandise Co. Ltd, on Saturday signed an
agreement on cooperation in the new Wal-Mart shopping mall construction with
Hainan Provincial Administration of State Farms and Land Reclamation.
The
planned shopping mall will be built near Jinniuling Park on bustling Haixiu
Middle Road, covering an area of 45,333.6 sq m, sources from SITIC Commercial
Property Limited said.
SITIC Commercial Property Limited will construct a
large plaza for shopping and supportive facilities, with the combined floor
space amounting to 100,000 sq m, on the land provided by the Hainan Provincial
Administration of State Farms and Land Reclamation.
On its completion,
the shopping mall is said to be able to offer more than 1,300 job opportunities
for locals.
The project will break ground for construction in the latter
half of the year and the shopping mall will begin operation late next
year.
Wal Mart, with headquarters in the United States, entered China in
1996 and has opened 56 shopping centers across China so far. SITIC Commercial
Property Limited is a real estate company SITIC established to support Wal
Mart's fast expansion in China.
(Source:Xinhua)
