Hong Kong developer Hang Lung eyes China’s booming luxury market as it expands flagship Shanghai mall Plaza 66
- The mall in West Nanjing Road, Jingan district, will have an additional gross floor area of 32,290 sq ft when it is complete in 2026
- China is set to overtake the US as the world’s biggest luxury market, worth US$148 billion, in 2030, according to a PwC report
Hong Kong developer Hang Lung Properties is targeting discerning Chinese consumers’ penchant for luxury goods as it prepares to undertake the expansion of its flagship mall in Shanghai, according to a top executive.
The expansion of Plaza 66, which houses the Shanghai flagship stores of Hermes and Dior, will focus on high-end luxury and bring new experiences to customers and stores that are completely new to China, said Janice Cheung Lam-na, director of mainland business operations at Hang Lung.
“Consumption power in China is still very steady, and Chinese customers and our members are telling us that they have confidence in consumption,” Cheung said.
The company has obtained approval from the local government to utilise an unused area to expand the 55,000 square metre (592,000 sq ft) mall in West Nanjing Road, Jingan district.
The expansion, which is expected to be completed in 2026, will provide an additional gross floor area of about 3,000 sq m that will be able to accommodate 20 stores. Hang Lung also owns and operates Grand Gateway 66 in China’s financial megapolis.
