CapitaLand signs mall management contract in Xi'an, China

CAPITALAND Mall Asia said on Tuesday that it has inked a shopping mall management contract in Xi'an, its second in western China within a span of five months.

CapitaLand will manage the shopping mall in La Botanica - a township located in Xi'an's Chan-Ba Ecological District - that is being developed by CapitaLand-Henderson (Xi'an) Property Development, a joint venture between CapitaLand and Hong Kong-based Henderson Land.

Under the contract, CapitaLand will oversee asset planning, pre-opening and retail management for a five-storey shopping mall - four levels above ground and one basement level - with a gross floor area (GFA), excluding car park, of about 50,000 square metres. It is expected to be operational in 2019.

This deal follows CapitaLand's announcement last August that it is managing the retail component of Fortune Finance Center in Changsha, China, for Changsha Pilot Investment Holdings. Including the mall in La Botanica, CapitaLand now manages a portfolio of 14 shopping malls in western China with a combined retail GFA of about 1.13 million sq m.