Taubman to develop mall in China
The US-based mall owner Taubman through its Asia unit Taubman Asia is to develop its first retail property in China following its acquisition of Beijing-based retail real estate consultancy TCBL.
Hong Kong-based Taubman Asia acquired 90 per cent of TCBL for US$23.7 million back in December which was renamed Taubman TCBL. Since then it has been preparing for the development of new centres.
“China is fast developing into one of the world’s leading consumer markets, with exciting and diverse retail opportunities,” said René Tremblay, president of Taubman Asia. “Our investment in TCBL is a unique opportunity for Taubman to accelerate investment in the Chinese market, creating further value for our retailers and investors.”
Chairman and CEO Robert Taubman said the company is close to announcing its first retail investment in China.
While the CEO declined to name or provide details of the mall, he said it will be situated in large second-tier city in Central China. The company, which also operates in Korea through IFC Mall in Seoul, South Korea, says majority of its projects will be in China, although is also plans to develop more shopping malls in Korea.
As at March 31, Taubman had 24 shopping centres. This year, the company will also develop a 59,000 sqm shopping mall in San Juan, Puerto Rico and 900,000 sqft mall in Sarasota, Florida.