Us-BASED conglomerate Rockfeller Group plans to build a landmark building on Nanjing Road E., where the group's Southeast Asian head-quarters will be located, a source with Huangpu District government said.

Rockfeller is discussing with the district government an investment plan for the northern part of Nanjing Road E. between Jiangxi Road M. and Henan Road M., said an official with the Huangpu District government who asked not to be identified.

"The Rockfeller group hopes to create a landmark building on China's famous commercial center, Nanjing Road," said the official. "The name of the building is likely to be Rockfeller Center."

The complex will include offices and shopping areas, he added.

Rockfeller will buy the land where Hengdeli Clock and Watch Store is currently located as it hopes to establish itself at the expensive location for future development, according to the official.

The price of the land is not disclosed.

An analyst said Rockfeller is banking on the potential value of Nanjing Road E., and its arrival is sure to attract more of the world's top investors to the area and drive up land prices and rents in the area.

"Rockfeller's move shows Shanghai's status as an interna-tional metropolis is recognized among overseas investors," said Jiang Xinguo, a senior researcher with Shanghai Zaihang Estate Investment Consult Co Ltd.

"The current value of the shopping area has reached a world level for an international metropolis," he added. "The arrival of the world top brands will make the shopping area more valuable."

Meanwhile, two of the world's top brands, Louis Vuitton and Christian Dior, are in talks to open flagship stores at Shanghai's historic Peace Hotel, located at the crossroads of Nanjing Road E. and the Bund.

The hotel is in talks with Hong Kong-based Oriental Mandarin Hotel on the project.