Hong Kong-based jewelry retail company Chow Tai Fook has signed an agreement with the government of Yantian District, Shenzhen, to build its mainland headquarters there.
With investments of about CNY250 million, the new building will cover a total construction area of 51,163 square meters. The 24-floor building will be 99 meters high and it will integrate functions such as operations, finance, business, and meeting. On its completion in the first half of 2011, Chow Tai Fook will further expand its research, manufacturing, distribution, and retail businesses in mainland China and will relocate its watch and investment businesses in mainland China to Yantian District.
Cheng Yu-tung, chairman of Chow Tai Fook Group, said since the establishment of Chow Tai Fook (Shenzhen) in Yantian District in 2003, the company has developed rapidly and has become Chow Tai Fook's marketing headquarters in mainland China. At present, Chow Tai Fook has opened over 1,000 stores in mainland China with total sales of more than CNY10 billion in 2008.