Chow Tai Fook Enterprises Ltd. and Kerry Properties Ltd. (00683.HK) have submitted bids for a project to build a shopping mall for Hong Kong goods in Qianhai, Shenzhen, the Hong Kong Economic Journal reported Monday, citing unnamed sources.
The Qianhai Management Authority on Saturday closed the 10-day bidding period for the project, to be called Shenzhen Newtown Plaza.
The shopping mall will house retailers that will sell popular Hong Kong items such as baby formula and diapers to help ease tensions resulting from mainlanders who cross the border to buy such daily necessities.
Some three to four large Hong Kong property developers have submitted bids for the project, the newspaper said, citing a senior official of the authority.
The site of the planned shopping mall is located near a similar commercial development being built by a group of investors led by Henderson Land Development Co. Ltd. (00012.HK) and Sun Hung Kai Properties Ltd. (00016.HK).
Chow Tai Fook Enterprises’ subsidiary New World Development Co. Ltd. (00017.HK) is likely to be the operator of the Qianhai mall should the parent company win the bid, said Alvin Wong, a property analyst at Barclays.
The mall is scheduled to be completed by April next year, with some 3,000 square meters of space expected to be available by the end of this year, the report said.
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