A survey has shown that China remains the world’s largest retail construction site with over half of all developments, and that the nation has eight of the top-ten cities building the biggest shopping centers, Shanghai Daily reported Thursday.
The survey, by global property advisor CBRE, showed that 39 million square meters of shopping centers are under construction worldwide, up 3 million square meters from 2013, and that more than 50 percent of all developments are taking place in China, the report said.
The survey was based on new shopping centers of over 20,000 square meters and excluded retail warehousing and factory outlet centers.
“With unprecedented pace of urbanization and a rising middle class, there is an increasing demand for modern shopping facilities in China,” Frank Chen, executive director and head of CBRE Research China, was quoted as saying.
Shanghai ranks first with 3.3 million square meters (sq m) of shopping malls under construction, followed by Chengdu with 3.2 million sq m, Shenzhen with 2.7 million sq m and Tianjin with 2.5 million sq m, according to CBRE, which tracks 180 major cities worldwide.
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