HONG KONG, Feb. 7, 2013 /PRNewswire/ -- 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.
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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.
Rene 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. Our experience will have a positive impact on the prospects and recognition of the Zhengzhou project."
Taubman Centers, Inc. (NYSE: TCO) is an S&P MidCap 400 Real Estate Investment Trust. Taubman is engaged in the ownership, management and/or leasing of 27 regional, super-regional and outlet shopping centers in the U.S. and Asia. Taubman's U.S. owned properties are the most productive in the publicly held U.S. regional mall industry.
Taubman is currently developing Taubman Prestige Outlets Chesterfield in Chesterfield, Missouri; The Mall at University Town Center in Sarasota, Florida; The Mall of San Juan in San Juan, Puerto Rico; and shopping malls in Xi'an and Zhengzhou, China and Hanam, Greater Seoul, South Korea. Taubman Centers is headquartered in Bloomfield Hills, Michigan and Taubman Asia, the platform for Taubman Centers' expansion into China and South Korea, is headquartered in Hong Kong. Founded in 1950, Taubman has over 60 years of experience in the shopping center industry. For more information about Taubman, visit www.taubman.com.
About Taubman Asia
Taubman Asia is a subsidiary of U.S. Mall operator Taubman Centers - a leader in the shopping center industry. Taubman Asia is the platform for Taubman Centers' expansion into China and South Korea and focuses on owning, managing, and/or leasing high-quality and sustainable retail real estate projects in Asia that leverage Taubman's strong retail planning design and operational capabilities. For more information about Taubman Asia, visit www.taubman.com.
About Beijing Wangfujing Department Store (Group) Co., Ltd
Beijing Wangfujing Department Store (Group) Co., Ltd is the largest retail group specializing in department store development in Mainland China. At present, the group operates 30 department stores in 20 cities spanning across 5 major economic zones in China. Most of the stores hold a leading position in their respective markets, while the company headquarters is situated in Beijing. For more information, visit www.wfj.com.cn.
For ease of use, references in this press release to "Taubman Centers," "company," "Taubman" or an operating platform mean Taubman Centers, Inc. and/or one or more of a number of separate, affiliated entities. Business is actually conducted by an affiliated entity rather than Taubman Centers, Inc. itself or the named operating platform.
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements reflect management's current views with respect to future events and financial performance. The forward-looking statements included in this release are made as of the date hereof. Except as required by law, we assume no obligation to update these forward-looking statements, even if new information becomes available in the future. Actual results may differ materially from those expected because of various risks and uncertainties. You should review the company's filings with the Securities and Exchange Commission, including "Risk Factors" in its most recent Annual Report on Form 10-K and subsequent quarterly reports, for a discussion of such risks and uncertainties.
ZHENGZHOU MEDIA FACT SHEET
A six-level shopping center with five levels above ground and one underground.
Target second quarter of 2015
GLA: Approximately 1 million square feet or 96,000 square meters.
GFA: Approximately 1,460,000 square feet or 135,000 square meters
Number of Stores
Upon opening we expect approximately 200 stores with Wangfujing Department Store being the key anchor. The mall will feature a mix of middle to high-end brands together with a movie cinema and an enticing mix of restaurants.
Approximately 1,800 parking spaces
Southeast corner of the junction of Nongye Road and Zhongyi West Road in Zhengdong New District, Zhengzhou City
The project is strategically located in the heart of the Zhengdong New District which is forecast to achieve high population and financial growth targets. It is of significant importance to the municipal, provincial and central governments.
Zhengzhou is a home to the automobile, infrastructure, food production, coal, electricity, aluminum, textiles, data and other major industries.
Zhengzhou's economy has been performing strongly. GDP in 2011 was +13.2% beating the national average of +9.4%.
Zhengzhou is an important commercial city with a population of 8.66 million and is expected to reach 10 million by 2020. There are over one million residents in a 5km radius of the project, with the total trade area population expected to reach 2.8 million by 2015.
Suite 1107 – 11, 11/F
Two Pacific Place
Admiralty, Hong Kong
Beijing Wangfujing Department Store (Group) Co., Ltd
No. 253 Beijing Wangfujing Street
Beijing, China 100006
SOURCE Taubman Asia