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The real estate developer has announced its intention to open the fourth iteration of its fashion and lifestyle concept, Taikoo Li, in China’s ancient capital of Xi’an, a city in the country’s northwest. It will be the group’s seventh retail property in mainland China.
Swire Properties will take a 70 percent stake in the joint venture with a 30 percent stake taken by local company, Xi’an City Huanwen. The total investment in the project is expected to reach about 10 billion yuan ($1.58 billion).
The new Taikoo Li will be a retail-led project with a low density, open plan design, but will also include cultural facilities, a luxury hotel and serviced apartments. It is expected to be completed by the end of 2025 with a total gross leasable area of 269,000-square-metres.
Taikoo Li, the retail property brand owned by Swire Properties, has already found success in Beijing and Chengdu, with those properties growing retail revenue 27 percent and 21.9 percent respectively last quarter. Meanwhile, the Taikoo Li property in Shanghai, which opened in October last year, has been running at 90 percent occupancy, according to the company’s financial report.
Xi’an has a population of around 13 million and is one of the fastest growing cities in China.
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