A shopping center has opened in the southern city of Shenzhen to sell goods from Hong Kong, catering to growing demand for goods from the city's neighbor.
The CTF HOKO opened on Monday in Shenzhen's Qianhai free trade zone. It is managed by the Hong Kong-based firm Chow Tai Fook Enterprises Ltd.
"We aim to provide high-quality and diversified products from Hong Kong and other areas to mainland buyers," said CTF Executive Director Adrian Cheng Chi-kong.
Occupying 20,000 square meters, the center houses 21 HK stores, including Chow Tai Fook jewelry, cosmetics retailer Sa Sa and clothes retailer ISA.
"Another 100 retailers are also interested in moving into our second phase project, which is expected to open in June next year," said Cheng.
The goods sold at the center are priced similar with those in Hong Kong, as retailers vowed to cut costs to lure mainland buyers.
A pack of diapers, which cost 170 HK dollars in Hong Kong, is priced at around 200 HK dollars at the mall.
CTF HOKO sells bonded goods, and also adopts an O2O (online-to-offline) business model. Shoppers can have their goods delivered to their homes.
According to the Qianhai free trade zone, 2,743 HK companies have registered in Qianhai.
