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A rich start to a development

TWO of the richest men in the world attended a ground-breaking ceremony for a 32-story, 140,000-square-meter shopping center in Changning District today.

Stanley Ho, the king of Macau's gambling empire, and Bernard Arnault, chairman and CEO of LVMH attended the ceremony at the intersection of Xianxia Road and Zunyi Road. Bernard Arnault is ranked 15th and Stanley Ho ranked 701st in The World's Richest People in 2008 list, according to Forbes Magazine.

The US$500-million project in western Hongqiao will include Grade-A offices and high-end retail facilities and is due to be completed by the first half of 2012, according to the Xinmin Evening News.

After completion, all 60 luxury brands in the LVMH group will have boutique shops in the building. The developer expects the project will attract other leading international brands as well.

It is part of the development plan of Changning District to build an international trade center to battle the global economic downturn.

The city's Grade-A office market is expected to experience greater downward pressure on rentals over the coming few years because of a supply glut from 2008 to 2012, an earlier Colliers International report concluded.


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