Funchal's historic center is metaphorically being surrounded by the 'Great Wall of China', reflecting the growth of businesses managed by owners of Chinese origin in areas like Sé, Rua do Aljube, Rua do Bispo, and Rua de João Tavira.
The São Lourenço Galleries and its parking lot, previously owned by Blandy, have been acquired by Chinese entrepreneur Ricardo Wang Yongwei. A year ago, he opened two shops on Rua do Aljube and brought the international Asian food chain Buga Ramen to Rua do Bispo.
While real estate movements in Madeira are influenced by the normal market and diversified investments, there's a public perception of a drastic shift in traditional commerce. Bazar do Povo, once Funchal's largest downtown store, has been transformed into what some now call a 'Chinatown', and new owners are negotiating with merchants at São Lourenço Galleries.
