Adrian Cheng brings K11 Select to Xiamen with a complex connected to a wetland park

Xiamen K11 Select opened on September 22 in Wuyuan Bay, in the city of Xiamen, Fujian Province, China. The complex, measuring about 95,000 square meters, was developed by K11 by AC, Adrian Cheng’s business, in collaboration with Xiamen Rail Transit Group, a state-owned rail transit operator. It is the K11 brand’s first project in Fujian.

The center combines retail, dining, exhibitions, and public spaces, and is connected to Wuyuan Bay Wetland Park by an elevated walkway about one kilometer long. According to coverage of the project, the site has nearly 200 brands; about 80 are making their debut at the national, provincial, or regional level.

A retail offering that incorporates culture and nature

The offering includes shops, restaurants, and cultural activities. The opening attractions announced included a National Geographic China photography exhibition and entertainment and art experiences. The connection to the wetland is part of the project’s concept, which aims to attract visitors beyond shopping.

Cheng described the initiative as an evolution of the cultural retail model that K11 has developed since its founding in 2008. That characterization reflects the businessperson’s vision: the scope of the retail offering and its long-term performance cannot be inferred from the opening alone.

The company reported that the complex had received more than two million visits since its opening and that sales had increased by 32% week on week. These are figures released by the company and reported by South China Morning Post; on their own, they are not an independent assessment of performance and do not make it possible to evaluate the center’s profitability.

K11 by AC and New World Development are separate businesses

The opening also highlights the separation between the brand and the property businesses of New World Development (NWD). Cheng left his position as NWD’s chief executive in September 2024 and later left the board of Chow Tai Fook Enterprises. In 2025, he launched Almad Group, which brings together activities such as K11 by AC.

During an earnings presentation, NWD chief executive Echo Huang reiterated that Xiamen K11 Select is not part of the group’s businesses and that Cheng’s investments and light-asset management operations are unrelated to NWD. The distinction matters: the presence of the K11 name does not mean that NWD owns the center or that the project forms part of its assets.

NWD reported a net loss of HK$26.8 billion for the financial year ended in June, with impairments and provisions related, among other matters, to the early termination of the 11 Skies retail project. That figure describes NWD’s financial position, not that of K11 by AC or Xiamen K11 Select. The available information does not detail the new complex’s financial results.

For businesses, the case illustrates how a cultural retail brand can operate through a structure separate from property ownership. But the visit and sales figures reported after the opening are initial indicators: on their own, they cannot establish profitability, the continued strength of demand, or the model’s future performance.