Taubman Asia in joint venture with department store retailer in China
Hong Kong -- Taubman Asia confirmed a joint venture agreement between Taubman TCBL and Beijing Wangfujing Department Store (Group) Co., Ltd (Wangfujing), one of China's largest department store chains.
The joint venture will own a controlling interest in and manage a shopping center to be located at Xi'an Saigao City Plaza, a large-scale mixed-use development in Xi'an, China, which is developed by Shaanxi Fuli Real Estate Development Co. Ltd. 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 center. The remaining ownership of the shopping center will be held by Shaanxi Fuli Real Estate Development Co. Ltd.
"This agreement is a major milestone for Taubman TCBL,” said. Rene Tremblay, president of Taubman Asia and chairman of Taubman TCBL. “It is the company's first investment in the China market and we are proud to have formed a strategic partnership with Wangfujing, one of China's most respected department stores."