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Guangzhou, one of southern China’s premier metropolises, is building a 10-square-kilometre “Beauty and Healthcare Industrial Park” to boost production for China’s booming beauty market, according to a report in The South China Morning Post.
The park is expected to generate 8.6 billion yuan ($1.3 billion) worth of cosmetics and skincare products annually and will set up more local brands to compete with international giants in a beauty market valued at $52 billion last year.
Strengthening the “beauty economy” has become a key goal in recent years for Guangzhou, where the sector is expected to generate 50 billion yuan ($7.6 billion) by 2023 and 100 billion yuan ($15.2 billion) by 2025, according to the Baiyun District Science, Industry, Commerce and Information Technology Bureau.
Construction on the new park is underway, and there’s no word on when it’s due to officially open for business.
