A landmark commercial development in Guangzhou's Tianhe district broke ground on Wednesday, following a record-breaking land transaction and the confirmation of two luxury anchors: Waldorf Astoria and SKP.

The Machang plot, which Yuexiu Group acquired on Feb 25 for 23.6 billion yuan (approx. $3.3 billion), spans 194,500 square meters, with a planned total gross floor area of 567,000 square meters.

The project will feature an ultra-luxury department store, a high-end hotel, and experiential retail. Developers say it will introduce more than 1,000 international brands.

Yuexiu Group has reached an agreement with Hilton to develop Guangzhou's first Waldorf Astoria. "This will inject strong impetus into enhancing the internationalization of Guangzhou's high-end service industry and its top-tier business reception capacity," said Chen Qiang, Party secretary and chairman of Yuexiu Group. He added that the project would apply digital design, intelligent construction, and smart operation and maintenance, with development scheduled for completion in three to four years.

Qian Jin, Hilton's president for China and Mongolia, called the Waldorf Astoria Guangzhou an important step in Hilton's deployment of luxury hotel brands in China, adding that it would support Guangzhou's goal of becoming an international consumption hub and world-class tourist destination.

Zhang Kun, president of Beijing Hualian SKP, said the project would blend Guangzhou's local cultural characteristics with international fashion resources. "It will bring an unprecedented high-quality consumption experience to consumers in Guangzhou and the Guangdong-Hong Kong-Macao Greater Bay Area," she said.