Ivanhoe Cambridge Inaugurates Its First Shopping Centre in China

Bailian Ivanhoe Shopping Center (Changsha) Co Ltd, a joint venture between Ivanhoe Cambridge (60%) and Bailian Group (40%), announce the grand re-opening of La Nova, the first international shopping centre of its kind in Changsha, the thriving capital of Hunan province. The 861,100 square-foot (80,000 m ) property is strategically located in Wuyi Square, the most vibrant shopping district in Changsha.

 

“This major redevelopment project is an important milestone in Ivanhoe Cambridge's strategy to diversify internationally in carefully selected markets. This project allows us to leverage our expertise in real estate development and to further strengthen our presence in China, a very dynamic and fast-growing market. We are delighted to partner with Bailian Group, a sophisticated China retailer with in-depth knowledge of the local market,” said Mr. Kim D. McInnes, President and CEO of Ivanhoe Cambridge.
 


From left to right: Mr. He Tao, President of Bailian Group; Mr. Ly Yong Ming, from State-owened Assets Supervision and Administration Commission of the State Council; Mr. Li Wei, Chief Executive of Changsha Fu Rong District of Changsha; Mr. Rick Vogel, Senior Vice President of Ivanhoe Cambridge China; Mr. Zhong Gang, Fu Rong District Party Secretary of Changsha; Mrs. Liu Quan, Vice Chief Director of Commerce Department of Hu Nan Province; Mr. Ma Xin Sheng, Chairman of Bailian Group; Mr. Francis Hout, Consul & Senior Trade Commissioner of Consulate General Canada in Guangzhou; Mr. Brian Castle, Chairman of Bailian Ivanhoe

 

Mr. Ma Xinsheng, Chairman of the Bailian Group, commented: “We are very pleased to be working with Ivanhoe Cambridge on this project and look forward to more successful collaborations in the future.”

 

Mr. Yao Yongchun, Vice Mayor of Changsha Municipal Peoples Government, declared: We are very excited to witness La Novas opening today. It marks the beginning of the „Mall Era in Hunan, and we are looking forward to its success.”

 

 

“La Nova is the first shopping centre in Hunan province where consumers will be able to find a broad selection of retailers as well as dining and entertainment options. Retailers were willing to establish themselves in the renewed property and their response has been terrific,” explained Richard Vogel, Senior Vice President of Ivanhoe Cambridge China. “We have attracted 20 international retailers that will open their first stores in the province, bringing a "new, unique and stylish mall life experience to consumers,” he added.

 

The redevelopment, which began in 2009, included the remerchandising of most of the property and the renovation of common areas, as well as the improvement of the traffic circulation within the centre. La Nova now counts 85 tenants on 6 levels. It is anchored by a 269,100-square-foot (25,000 m2) Bailian Oriental Department Store and a 9-screen PolyBona cinema. Its retailers include banners such as Asobio, Bershka, C&A, H&M, Mango, Pull & Bear, Sephora, Starbucks, Toys ‘R’ Us and Zara.

 

As part of the grand opening, a branding strategy was elaborated in order to reflect the new image of the shopping centre and to promote it in its market.

 

Ivanhoe Cambridge has been active in China since 2005. A multidisciplinary team of real estate professionals, working out of Shanghai, is mandated to establish and solidify relations at different government levels and within the business community in order to support the Companys efforts within China.

 

Moreover, the team identifies strategic partners and investment opportunities that meet Ivanhoe Cambridge's investment criteria. Other than La Nova, the Company, in a joint-venture with Shanghai Forte Land Co., co-owns Wuxi Parktown, in Wuxi, located 150 kilometres from Shanghai.

on May 2, 2011