Thailand-based Charoen Pokphand Group (CP) has announced a multi-billion dollar investment scheme in China, with plans to run 1,000 hypermarket outlets in the next ten years.
Soopakij Chearavanont, co-chairman of Super Brand Mall, CP’s retail investment arm in China, said the company, which runs 73 outlets across China, had won a bid to develop a real-estate complex in the Chinese province of Henan.
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The complex will include a CP Lotus hypermarket store, apartments, a hotel and office buildings. The project will require an investment of up to US$2bn.
The company is also planning to develop similar projects in three cities – Guangzhou, Shandong and Shanghai. Each complex will include a CP Lotus hypermarket stores, Soopakij said.
“From our experience, we’ve found that instead of building only a shopping mall, each project should be built as an ‘integrated vertical community’ that includes condominium, hotel, and office buildings,” he added.
The projects will be developed in phases and the investments will be funded by business partners, equity funds and bank loans.
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