An idle plaza in Fengxian to be transformed into a new commercial complex

Jun 7, 2018

Fengxian International Commercial Plaza, which has sat idle for a decade, will resume operation soon, after an agreement was signed between Lufa Real Estate and Shanghai New World Co Ltd last month to turn the plaza into a new commercial complex.

Located on Jinhai Road, the plaza covers an area of 100,000 square meters, providing space for more than 1,400 shops. It was previously developed by Lufa Real Estate, but the project got suspended due to business decline in the market. 

"We've conducted surveys on the plaza's location, transportation, business model and consumers and made the decision to transform it into a commercial complex with life service, education, leisure and entertainment and dining facilities," said a director from New World.

New World has plenty of experience in promotion of brands and light asset management. It now owns many local famous food and entertaining brands like Grand Theater, Xinghualou and Xiaoshaoxing.

Local government has also pledged support to the project.

"We will do our part to improve the overall commercial quality for this large business entity," said Luo Yong, deputy head of Nanqiao Town.

The property management will be entrusted to a professional company and the local business department will do the work to supervise the mall's construction standard. 

The plaza is expected to generate 20 million yuan (US$3 million) in tax annually after it starts operation.

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