Taubman ramps up in Asia
Taubman Asia, a subsidiary of US mall operator Taubman Centers, is boosting its investment in the continent.
The company has earmarked $600 million to develop new malls across Asia, of which 60 per cent will be in China, reports South China Morning Post.
In collaboration with department store operator Wangfujing, it is to open shopping malls in Xian City and Zhengzhou City, with a combined investment of $230 million.
The Xian and Zhengzhou malls will span 90,562 sqm and 93,747 sqm, respectively. Both will open next year.
It is also allocating $350 million to build a mall in Seoul, South Korea, slated for a 2016 opening.
“When we decided to come to Asia, we looked at different countries where we would focus. We like China and South Korea for their long-term potential,” Rene Tremblay, president of Taubman Asia, told SCMP.