The 88.420-sf site--Emperor International's first acquisition in the Chinese capital--is located along Chan'an Avenue south of Jianguomenwai Street, a famous tourist, shopping and office area between the second and third rings of Beijing. The site sits across the street from the Silk Market and is within walking distance of the Scitech Department Store, Friendship Store, the Beijing International Club and many hotels.

The building will have a gross area of at least 816,385 sf, including a retail podium which high-end luxury shops, restaurants, entertainment venues and parking below class A office space. It is being designed by Hong Kong architect Rocco Yim of Rocco Design Limited, whose assignments have included Hong Kong International Finance Centre, Citibank Plaza and No 1 Peking Road.

Emperor International will own 100% of the land and project. A portion of the office space will be occupied by the Emperor International's local operations.

Third-party research estimates show an accommodation value of $180.45- to $193.34 per sf. Office buildings at similar locations in Beijing presently carry a transaction price of between $322.23- and $386.67 per sf. Office rental rates are $3.22- to $4.51 per sf per month and shop space rates are $5.15- to $5.80 per sf per month, according to the ressearch.

''With the liberalisation of China's economy and the advent of the 2008 Olympics Games, the Group expects the Beijing property market to continue to grow as demand for retail space and offices surges," says Emperor International's managing director Vanessa Fan.