Swire Properties has renamed its retail-led development in Chengdu, Sichuan province, "Taikoo Li Chengdu", the leading shopping and lifestyle destination in Southwest China, to further boost its performances and to bank on the commercial opportunities on the mainland.

Swire Properties announced the new name of the project on August 23, replacing the former name of Sino-Ocean Taikoo Li Chengdu.

The move followed an announcement given at the end of 2022, when Swire planned to acquire the remaining 50 percent interest in the development from Sino-Ocean Group, the property developer on the mainland. All related transactions were completed at the end of February 2023. Swire Properties, which currently operates six mixed-use developments in major cities on the mainland, now owns 100 percent of the development which also includes the hotel and The Temple House.

The economic powerhouse of the southwestern region, Chengdu has housed an increasing number of luxury brands, evidenced by the visits from many leading luxury groups and the new openings of flagship stores in the region during the first half of this year.

Taikoo Li Chengdu is located at the center of the shopping clusters, constantly in upgrades where the property has been home to 128 brands since 2022, including many global flagship stores which offer innovative concepts and international brands' debuts on the mainland.

Tim Blackburn, chief executive of Swire Properties, said: "Taikoo Li Chengdu's performance has continued to strengthen since its opening in 2015. Post-pandemic retail sales have recovered significantly, recording a year-on-year sales growth of about 30 percent in this first half of this year."

The power shift of the project indicates the long-term commitment of the Swire Properties on the mainland. "As we look to the future, our ambitious 100-billion-Hong Kong-dollar investment plan is in full swing," said Blackburn. "About 50 percent has been allocated to projects on the Mainland as evidence of our long-term commitment to Chengdu and to further investments on the mainland."

Molly Wu, general manager of Taikoo Li Chengdu, hailed the importance of continued upgrades to the development, said, "We will continue to curate unique and unforgettable shopping and lifestyle experiences to exceed young Chinese consumers' expectations."