A major shopping mall project opened in China's northern city of Tianjin Saturday.
Located in the Tianjin Free Trade Zone, the 3-billion-yuan (431 million U.S. dollars) project, developed by SM Investments Corporation, the Philippines' largest listed company and shopping mall operator, covers a gross floor area of 560,000 square meters.
The project, featuring a parking lot that can house 8,700 cars and three oval-shaped buildings linked together by a central ring, was designed based on the idea of "wuxing," or the five elements in Taoism, an ancient Chinese religion originating from the writing and philosophy of Lao Tze (571-471 B.C.).
Since entering the Chinese market in 2001, the group has invested in various projects in eight cities including Xiamen, Chengdu, Suzhou and Chongqing. The project in Tianjin is the biggest in China.
Hans Sy, Chairman Emeritus of the Board of Directors of SM Prime, said the Tianjin complex aims to offer one-stop shopping for residents in the Beijing-Tianjin-Hebei region. He added that the group is optimistic about China's economic development and will continue to expand investment in lower-tier cities in China.
