BUILDING LANDMARKS, CHARTING GROWTH
51
Annual Report 2015
For a start, three of the six apartment blocks will be
converted to house the Chengdu Xiehe Home, with
subsequent blocks to be converted and rolled out at
a later stage. The retail spaces will be converted into
a rehabilitation hospital, ancillary medical facilities,
supermarket and complementary retail trade and services
to meet the lifestyle needs of the occupants and visitors.
Chengdu Xiehe Home, which will comprise a Retirement
Home, a Nursing Home and a Rehabilitation Home,
is expected to commence operations in 2017.
In Beijing, the Beijing Municipal Government has
announced definitive plans to relocate all or part of its
municipal departments to Tongzhou District’s Luchengzhen
by 2017
6
. A US$3.3 billion Universal Studios Beijing, set to
be one of the largest theme parks in China, has also been
planned to be built in Tongzhou District
7
.
Consequently, there has been an intensification of
infrastructure and commercial activities in Tongzhou
District, where Perennial’s Beijing Tongzhou Integrated
Development is located. Recent launch prices of new
apartments and offices in close proximity to the integrated
development have risen to as high as RMB40,000 to
RMB50,000 per square metre
8
.
Beijing Tongzhou Integrated Development will enjoy
direct connectivity via its basement level to Tongyunmen
Subway Station, which will be served by subway lines
connecting the development to the Beijing City Centre,
the existing Beijing Capital International Airport, and the
planned new airport to be sited in Daxing District.
Development works at Beijing Tongzhou Integrated
Development have been progressing well, and three of
four construction-related regulatory permits have been
received. The construction of the subway station at the
development has also recently been completed.
Beijing Tongzhou Integrated Development, expected
to commence operations in 2018, will benefit from the
catchment from the new Beijing Tongzhou Administrative
Centre, which is about three subway stations from our
development, and the surrounding areas.
Over at Xi’an North HSR Integrated Development,
constructionworks are progressingwell. The development
has received two of four construction-related regulatory
permits and is expected to commence operations in
2018/2019. Xi’an North HSR Station, one of the eight
largest HSR transportation hubs in China which will
be directly connected to the integrated development,
continues to register increasing commuter traffic as more
HSR lines are completed.
Separately, Zhuhai Hengqin Integrated Development
has received three of four permits and is expected to
commence operations in 2020.
Despite the tough operating environment in Shenyang,
Shenyang Longemont Integrated Development’s
performance has been improving. Shenyang Longemont
Shopping Mall’s committed occupancy was consistently
over 90%, and continued to record growing shopper
traffic and tenants’ sales. As at 31 December 2015,
the mall recorded a total annual shopper traffic of
22.8 million, which was about 11.3% higher than the
previous year. Shenyang Red Star Macalline Furniture
Mall maintained its committed occupancy at 93%,
whilst the Shenyang Longemont Offices registered an
occupancy of 52%, which was 2% higher than the
previous year.
Perennial Qingyang Mall in Chengdu and Perennial Jihua
Mall in Foshan continued to perform well operationally.
As at 31 December 2015, both malls achieved a
committed occupancy of close to 100%, rising shopper
traffic and higher tenant sales.
6 Source: The Paper China article dated November 2015. (
7 Source: Beijing Youth Daily article dated January 2015. (
)
8 Source: SINA LEJU (
). Equivalent to RMB3,700 per sq ft to RMB4,600 per sq ft.
