CapitaMalls Asia Limited recently announced that it has acquired Meili Mall from Chengdu Vanke Property Co. Ltd for RMB 520 million.

A mixed-use development that will comprise retail and residential space, the mall is being built by Chengdu Vanke Property. It is expected to be completed by 2012 and its target opening date is 2013.

With an expected total gross rentable area of 58,350 sqm, it is located along East Third Road Section 5 in Chengdu’s Chenghua district. It is expected to serve some 450,000 people within a 5 kilometre radius.

The mall is CapitaMalls Asia’s fifth mall in Chengdu. The others are Jinniu Mall, Shawan Mall, Raffles City Chengdu and Tianfu Mall.

“As the capital of Sichuan province and the main commercial, manufacturing and education hub of south-west China, Chengdu is one of two cities selected by the Chinese central government to spearhead development of the country’s western region. As such, key economic and administrative functions will be located here, boosting the city’s growth and urbanisation. This acquisition is part of our strategy to accelerate our growth in China,” said Lim Beng Chee, CEO of CapitaMalls Asia.