Done Deals: Taubman Asia and Beijing Wangfujing Department Store (Group) Co. Ltd. Announce Second Joint Venture to Co-Own and Manage an Over One-Million-SF Shopping Center in Zhengzhou, China

Thursday, February 7, 2013

Taubman Asia and Beijing Wangfujing Department Store (Group) Co. Ltd. Announce Second Joint Venture to Co-Own and Manage an Over One-Million-SF Shopping Center in Zhengzhou, China

Wangfujing Department Store, Zhengzhou
One of the Oldest Department Stores in China

Rene Tremblay

HONG KONG, Feb.7, 2013 - Taubman Asia today reconfirmed a joint venture between Taubman and Beijing Wangfujing Department Store (Group) Co., Ltd (Wangfujing), one of China’s largest department store chains (Shanghai Stock Exchange: 600859).

The joint venture will own and manage a shopping center to be located adjacent to two arterial roads, Nongye Road and Zhongyi West Road, in Zhengzhou, China.

Currently under construction, the approximately 1,460,000 square feet or 135,000 square meter (GFA) shopping mall is scheduled to open by the second quarter of 2015.

This is the second retail joint venture between Taubman and Wangfujing in the Chinese market and will own a majority interest in the shopping center.

The remaining ownership of the shopping center will be held by Maple (Zhengzhou) Real Estate Development Co. Taubman and Wangfujing announced their first retail project in Xi’an in August 2012.

This exciting development in Zhengzhou, China will represent a best-in-class retail destination, new to the city.

The project will deliver a comprehensive shopping experience through a compelling mix of retail shops, restaurants and entertainment facilities.

The multi-level shopping center will be anchored by a Wangfujing Department Store, a supermarket, a movie cinema, children’s play area and a mix of international and local, middle to high-end brands. It will also feature an enticing mix of food and beverage experiences.

René Tremblay, president of Taubman Asia said, “We are excited to confirm our second retail project in China with Wangfujing, not long after the announcement of our first project in Xi’an. The project in Zhengzhou signifies our commitment to the Chinese market and our long-term partnership with Wangfujing.”

Ms. Liu Bing, chairwoman and president, Wangfujing, commented, “Taubman is an internationally renowned shopping mall developer and operator.

“The strategic partnership with Taubman in China resonates with our strategy to accelerate our expansion into the shopping center industry, on top of our department store business.

“Wangfujing is currently operating two department stores in Henan province with great success, including one in Zhengzhou, with annual revenue of one store exceeding one billion RMB.