SOCAM and Tan-EU acquire retail site near Beijing
Tan-EU Capital, boutique real estate fund manager based in Hong Kong, and SOCAM Development, a property and construction business also based in Hong Kong, have acquired a 102,000 sq metre site in Wuqing, in mainland China.
They have approval to build 45,000 sq metre of 2-3 storey street front retail shops, a 30,000 sq metre shopping mall, 40,000 sq m of apartments plus a 700 space car park at the site. Wuqing, a district of Tianjin that saw economic growth of 21.1% in 2010, is 25 minutes by high speed rail from Beijing.
Rachel Renucci-Tan, founder of Tan-EU Capital, said: “The acquisition is in line with our strategy of targeting under-developed areas with strong growth potential accelerated by improving infrastructure. The site is adjacent to the popular Florentia Village Outlet mall which specializes in selling luxury branded goods at factory outlet prices and attracts thousands of visitors from Beijing and Tianjin.
“Our project will create a synergy by offering a variety of fashion, F&B and convenience based stores and will not only benefit from the demand of local residents but also Beijing and Tianjin day trippers.”