Taubman Asia, an operational arm of
Taubman Centers, Inc.
), recently announced that Taubman TCBL has entered into a joint
venture with Beijing Wangfujing Department Store (Group) Co., Ltd.
The joint venture will manage and control the first retail
development by Taubman TCBL in China. The debut property will be
located in Xi'an Saigao City Plaza in Xi'an.
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Xi'an, the capital of the Shaanxi province, is a well known
cultural, industrial and educational centre of the
central-northwest region of China. The city is a pioneer in
software industry in China and is also a hub for research and
development, national security and space exploration program of
China. With a consistent annual per capita GDP growth of over 20%
since 2007, the city is one of the rapidly emerging economies of
Xi'an Saigao City Plaza, a mixed-use development in Xi'an, is
located at the intersection of subway Line 2 and Line 4 of
Xingzheng Zhongxin station. It features a high class hotel, a
residential tower, two towers of serviced apartments and an office
building. The place is also conveniently accessible by major
Expressways and airports of the city.
The seven-storey shopping center is to be a part of the retail
component at Xi'an Saigao City Plaza. The project is being
developed by Shaanxi Fuli Real Estate Development Co. Ltd, which
will hold the remaining ownership. The shopping center will boast
high class restaurants, a supermarket and approximately 300
international and local department stores. The project is slated to
be completed by third quarter of 2015.
Beijing Wangfujing Department Store (Group) Co., Ltd. - a Shanghai
Stock Exchange listed company - primarily engages in property
development and general merchandise retailing. The company had
several regular chain department stores based in some of the major
markets of China including, Beijing, Guangzhou, Chengdu, Chongqing,
Xining, Lanzhou, Zhuzhou and Erdos.
Founded in 2011, Taubman TCBL is a Beijing-based Chinese subsidiary
of Taubman Asia. The company deals in providing retail analysis,
leasing, property management, investment services, and development
and other services in China. Taubman TCL aims to develop dynamic
retail properties portfolios and establish as the leading Chinese
asset management company.
Taubman Asia provides a platform for Taubman Centers to expand in
the Asia-Pacific region. The subsidiary focuses on ownership,
management and development of superior and sustainable retail real
estate projects and acts as a major catalyst in Taubman's strong
portfolio optimization strategy.
Taubman Centers, which competes with
Simon Property Group Inc.
), currently holds a Zacks #2 Rank (a short-term Buy rating). We
also have a long-term Neutral recommendation on the stock.