What: The real estate developer has announced its intention to open the fourth iteration of its fashion and lifestyle concept, Taikoo Li, in China’s ancient capital of Xi’an. It will be the group’s seventh retail property in mainland China.

Why it is important: Taikoo Li has already found success in Beijing and Chengdu, with a growing retail revenue of 27% and 21.9% respectively last quarter. The new retail-led project will have a low density, open plan design, but will also include cultural facilities, a luxury hotel and serviced apartments. It is expected to be completed by the end of 2025 with a total gross leasable area of 269,000-square-metres.

Swire Properties will take a 70% stake in the joint venture with a 30% stake taken by local company, Xi’an City Huanwen. The total investment in the project is expected to reach about 10 billion yuan ($1.58 billion).

Swire to open new Taikoo Li shopping mall