---- Fußgänger vorbei ein Giorgio Armani store in Chongqing, China, 5. September 2013. Italienische Luxusartikel Marke Armani verkündete vor kurzem seine
--FILE--Pedestrians walk past a Giorgio Armani store in Chongqing, China, 5 September 2013. Italian luxury goods brand Armani recently announced its entry into Chinas high-end real estate market by designing and constructing an apartment building project in Chengdu, the capital city of southwest Chinas Sichuan province. The venture may be a gateway for other luxury goods brands. The plan was executed under the rise of luxury housing in first-tier cities, including Beijing, Shanghai, Guangzhou and Shenzhen. Real estate in these cities is steadily rising and outpacing its competitors. Industry insiders have reservations over the pioneering switch to the luxury housing market, since the main appeal, design and brand are not primary considerations for buyers. Choosing Chengdu as the first construction site is a questionable move in view of the citys weaker consumption power. The Armani project, the first of its kind in China, will open its doors to bidding in the second half of 2014 and be completed in 2016. It is one of several new property projects unveiled by Armani recently, along with the Macka Residences in Istanbul, Turkey, and World Towers in Mumbai, India. Since its entry into the property market in 2009, Armani has built three hotels and four apartment buildings around the world.
