China Resources opens first MIXC mall in Shanghai

China Resources Land Ltd, the flagship real estate arm of China Resources Group, opened its first MIXC Mall in Shanghai over the weekend in Minhang District, as the state-owned conglomerate taps into the city’s highly competitive medium- to high-end retail market amid robust demand in southwestern Shanghai.

On Wuzhong Road, above Ziten Road Station on Metro Line 10, the 240,000 square meter mall is part of a 530,000 square meter complex that includes premium offices and hotels as well as the Shanghai Metro Museum. A joint development between CRL and Shanghai Shentong Metro Group, operator of the city’s metro lines, it is China’s 14th MIXC.

With occupancy exceeding 90 percent at its opening, the mall includes more than 100 domestic and foreign fashion brands , more than 80 food and beverage outlets, a 4,000 square meter Ole’ supermarket, a 2,000 square meter Yan Ji You book store, an ice-skating rink and a Palace Cinema.

Retail rents continued to rebound in Shanghai at a moderate rate in both prime and decentralized areas in the second quarter as sentiment improved from 2016, along with a rebound in sales for many brands, according to an earlier report released by international property firm JLL.

Between April and June, when four new projects were launched with a combined gross floor area of 368,000 square meters, open-market ground floor base rents increased 2.1 percent quarter on quarter to 52.6 yuan (US$8) per square meter a day in the prime market.

 In decentralized areas, rents rose 1.8 percent from the first quarter to 21.1 yuan per square meter a day. Year-on-year, that marked a growth of 3.2 percent and 4.2 percent, respectively, according to JLL data.