Yuexiu Group Brings SKP to Guangzhou in $23.6 Billion Land Deal Partnership

Yuexiu Group has officially announced the introduction of Beijing Hualian (SKP) to its Guangzhou Tianhe Ma Chang development project, formalizing a partnership that represents one of the most significant developments in China retail real estate sector this year. The announcement follows Yuexiu landmark acquisition of the Ma Chang land parcel for 23.6 billion yuan in late February. The partnership was formalized through a signing ceremony in Beijing on March 2nd, with both companies committing to develop a 125,000 square meter commercial center as part of the broader Ma Chang integrated development. The project will follow a development-operations model, with Yuexiu handling construction and SKP managing retail operations. The Ma Chang project aims to become a comprehensive urban complex integrating park spaces, shopping facilities, hotels, office space, and residential units. Yuexiu Group chairman Chen Qiang indicated the project targets groundbreaking by the end of March 2026, with completion targeted within three to four years. SKP, known as the World Highest-Grossing Department Store, has established itself as China premier luxury retail platform, hosting comprehensive collections from top-tier brands including Hermès and Chanel. Beijing SKP has maintained its position as China highest-performing single-store retail outlet, with 2025 sales exceeding 24 billion yuan and leading global rankings for sales per square foot. The partnership builds upon three years of negotiation, with SKP first signing a strategic framework agreement with the Guangzhou municipal government in August 2022 before executing a cooperation intent agreement with Yuexiu in 2023.