Ceremony held for city's second K11 museum-retail mall
New World Development, a Hong Kong-based conglomerate focusing on property, infrastructure and services, department stores and hotels, held a groundbreaking ceremony today for its second K11 museum-retail mall in Shanghai in downtown Huangpu District, less than a year after its acquisition of the land on which it's built.
Located in the premium Huaihai Road M. commercial precinct close to the Huangpi Road S. Metro station, the mixed-use development has more than 128,000 square meters of floor space.
It is the fourth K11 art mall in East China, a brand founded in Hong Kong in 2008 by Adrian Cheng, chief executive officer and executive vice chairman of New World Development.
First tapping the Chinese mainland market in 2013 with the opening of the Shanghai K11 Art Mall on Huaihai Road M., the museum-retail brand has extended its footprint to a number of cities, including Wuhan, Guangzhou, Shenyang, Ningbo and Hangzhou.
New World Development acquired the 17,170-square-meter site, which is a stone's throw from the Shanghai K11 Art Mall, for 4.111 billion yuan (US$637 million) in August of 2020.