Sunny Sanya will see a luxury mega complex built
Time:2024-05-21 10:22:10 Source:entertainmentViews(143)
With China creating more favorable conditions to drive the opening-up in its Hainan Free Trade Port, DFS Group, a part of French multinational LVMH Group and Shanghai-based Shenya Group will jointly build a mega luxury retail complex within Yalong Bay, Sanya, Hainan province, said senior executives from these two companies.
The 128,000sqm property will consist of the world's largest DFS beauty store and the largest indoor children's playground in Yalong Bay. The project is expected to attract between 16 million and 18 million visitors yearly by 2030 and create lucrative commercial opportunities for Sanya.
Scheduled for completion in 2026, this project is expected to generate more than 1,000 jobs and spur the development of related businesses, including infrastructure, logistics, and hotel and catering services, in the Yalong Bay area, said Nancy Liu, president of DFS China.
Liu said this would be DFS's largest investment project in the Chinese mainland to date, although the total investment amount for this project was not disclosed.
Established in Hong Kong in 1960, DFS's network consists of over 44 stores located in 15 major global airports and 22 downtown locations on four continents, as well as affiliate and resort locations.
The Yalong Bay project demonstrates the confidence of DFS and LVMH Group in the future development of the Hainan FTP and China's luxury retail and tourism market, she added.
Li Zhong, chairman of Shenya Group, said this project will greatly boost Sanya's urban vibrancy and make Hainan the fastest-growing tourism market in China. It will also help attract companies from Europe and the United States to invest in Hainan while strengthening the confidence among countries worldwide in China's continued robust growth.
As the Hainan FTP is scheduled to initiate independent customs operations throughout the whole island by the end of 2025, luxury consumption is expected to grow rapidly in Hainan, according to a research report of Guotai Junan Securities.
For instance, Louis Vuitton launched its new boutique at the second phase of the duty-free shopping complex in Haitang Bay, Sanya, in late October.
Meanwhile, two key construction projects in Hainan - the expansion of the third phase of Sanya Phoenix International Airport and the expansion of Qionghai Boao Airport - started in late November. The projects are foreseen to help guarantee the rapid growth of Hainan's air travel market.
Previous:Hollywood star Shia LaBeouf is spotted on the streets of Gavin and Stacey's hometown Barry
Next:Iran helicopter crash that killed President Raisi could reverberate across the Middle East
You may also like
- Britain's new bonkers EV: Callum Skye is an £80k electric buggy built in Warwickshire
- Rule of law to consolidate high
- Chinese lawmakers meet to deliberate reports
- Chinese lawmakers deliberate work report of NPC Standing Committee
- Storms damage homes in Oklahoma and Kansas. But in Houston, most power is restored
- Hetmyer seals IPL thriller for Rajasthan Royals over Punjab Kings
- 13th National Women's Congress concludes in Beijing
- Jennifer Aniston, 55, and Reese Witherspoon, 48, both stun in chic all
- Justin Timberlake set to bring his The Forget Tomorrow World Tour to Australia in 2025