Taubman Asia to open first China mall
Taubman Asia, through its subsidiary Taubman TCBL, has forged a joint venture with Beijing Wangfujing department store to develop a shopping mall in China.
The joint venture will own a controlling interest in and manage a mall at Xi’an Saigao City Plaza, a large-scale mixed-use development in Xi’an. This is the first retail development by Taubman TCBL in China since the company was formed in late 2011.
The joint venture between Wangfujing and Taubman TCBL will have the majority ownership of the shopping centre. The remaining ownership of the centre will be held by Shaanxi Fuli Real Estate Development, the developer of Xi’an Saigao City Plaza.
“This agreement is a major milestone for Taubman TCBL. It is the company’s first investment in the China market,” said Rene Tremblay, president of Taubman Asia and chairman of Taubman TCBL.
Wangfujing president and CEO, Liu Bing, said the JV underlined the department store’s new strategic shift towards the shopping mall industry. Currently, it operates 25 department stores in 17 cities.
“We believe that Taubman’s profound industry experience will solidify the foundation of our partnership and help set new standards in China through their world-class shopping centres,” said Bing.
Anchored by a Wangfujing department store, the seven-level Xi’an shopping mall is expected to feature a cinema, restaurants, and approximately 300 international and local specialty stores. It is scheduled to open in the third quarter of 2015 and is part of a 5.9 million sqft mixed-use project, which includes two hotels, a residential tower, two serviced apartment towers and an office building.