(Yicai Global) Nov. 10 -- Chinese property developer Guohua Real Estate intends to build a high-end retail cluster similar to Fifth Avenue in New York in Shanghai's North Bund, an area that used to be known for its shipping industry.

The commercial hub called China Central Place will have dozens of luxury flagship stores, a 180-meter-tall office building, and several plazas, according to the latest promotional video of the area in the Hongkou district. This is its second development with the same name.

The North Bund is one of the few underdeveloped central areas of the eastern megacity. In 2020, Shanghai revealed its plan to build it into a first-class downtown area with international influence by 2035. With a total construction area of 8.4 million square meters, this is the city's largest urban development plan after that of the financial district of Lujiazui in 1990.

Shanghai's China Central Place will be an upgrade to the Beijing one, and the project is moving along as scheduled, Fang Chao, chairman of the Beijing-based firm, told Yicai Global. The company is working with more than 20 domestic and international design and consultant teams, aiming to start construction in 2023. The project should be ready in three years.

Founded more than 20 years ago, Guohua finished building its first China Central Place in the capital city in 2003. It houses the renowned SKP mall, opened in 2007. The mall has stores of 2,000 fashion brands including Chanel, Prada, Hermes, Louis Vuitton, and Gucci. The SKP exceeded sales of Harrods in London in 2020 to top the global list of high-end department stores.

Editor: Emmi Laine, Xiao Yi