Largest Chinese market in Europe to build new stores

The largest Chinese market in Europe is preparing for the coming Chinese New Year. The Red Dragon Chinese Commercial Center in Bucharest, capital of Romania, has been restored to life after a fire in May, 2010. The second phase of construction has also begun.

Decorated in traditional Chinese style. The Red Dragon Chinese Commercial Center is now the base for more than seven thousand companies and five thousand shops. Over 80 percent of the business owners are Chinese.

With the Chinese Spring Festival falling on Saturday, business is brisk. But people haven't forgotten the big fire at the center in 2010.

Nicolae Dummitru, president of Niro Investment Group, said, "It was the largest fire in Romania history. 50-thousand square meters of stores were burnt into ashes in three hours."

Many traders went back to China after the fire. But some stayed and persevered. The first stores built since May 2011 are finished.

The second phase of construction, mainly sponsored by Chinese private enterprises, will start in June.

Qiao Chuan, president of Beijing Tianyixinghua Investment Corp., said, "It covers an area of 320,000 square meters. About 1,500 stores will be brought in from China, selling building materials, hardware, home appliances and furniture."

The expansion is expected to give Chinese products a big boost in the European market.

And that's bringing back more and more Chinese traders to Red Dragon.