Review on the Development of Underground Shopping Mall in China

Abstract

On the recent National Congress, a hot topic on the commercial real estate is how to develop underground shopping mall. Underground shopping mall investment had the characteristic of great invest, high level of risk and high profit, It has already become a new popular investment spot. China’s underground shopping mall has gradually transformed from one with a very high degree of government intervention into a more market system. Lack of effective planning and a transparent approval mechanism has led to high vacancy rate in many underground shopping centers. In order to make better use of underground space of shopping, the reform of underground shopping mall investment and operation framework is necessary. The government should change its role in managing investment rather than be Project Company. Government should establish the appropriate monitoring mechanisms to strengthen environmental management and ecological security, including creating a regulated market environment.

Key word: Present Status; Development Pattern; Sustainable Management; Underground Shopping Malls; China