The new Qianhai Chow Tai Fook mall opened its doors in Shenzhen on Monday – selling Hong Kong sourced goods to mainlanders at prices said to be cheaper than in Hong Kong.
Officially named the Qianhai Chow Tai Fook Global Goods Shopping Center, the 19,000 sqm mall is a joint venture between jeweller Chow Tai Fook and two investment partners.
A total of 21 retail brands opened stores in the first phase of the development opened yesterday, including beauty products chain Sa Sa, fast fashion brand Giordano and CRCare. They are joined by a range of food and infant formula retailers.
More stores will join the development when stage two opens next summer.
The HK$423 million shopping centre has been built inside the Shenzhen special economic zone, taking advantage of tax concessions and allowing mainlanders to buy Hong Kong sourced goods without crossing the border.
Shenzhen has a population of 20 million creating a huge potential catchment for the development.
Adrian Cheng Chi-kong, executive director of the Qianhai Chow Tai Fook mall, said it will not be competing with the border shopping mall planned for the Hong Kong side of the border, explaining the two properties will cater for different clienteles.