German-based retail giant opens 21st shopping mall in China

The German-based retail giant Metro launched its 21st shopping mall on the Chinese mainland Thursday in Shenyang, this capital city of northeast China's Liaoning Province.

This is the second mall the retail chain has opened in the northeast of the country.

Located at the Tiexi District of Shenyang, the new mall covers a total area of 29,000 square meters and deals in more than 20,000 commodities.

Ealier this week, the district government signed a letter of intent on government purchase with the new mall, said Guenter Redtenbacher, general manager of the Metro Tiexi Shopping Mall.

Metro employs a "cash & carry" system, which provides services for various member clients, including smaller retailers, hotels, enterprises, government departments and social institutions, according to a company official.

As one of the world's top five trade and retail groups, Metro has started more than 500 malls around the globe, the official said.

Metro is among a group of transnational retail giants that are speeding their pace into the Chinese market, as China is to terminate all restrictions, including those in establishing franchised stores, for overseas investors in mid-December this year, in accordance with the nation's commitment to the World Trade Organization.

Source: Xinhua