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Taubman, Wangfujing establish second joint venture

Updated: 2013-02-22 07:09
By Wang Zhuoqiong ( China Daily)

US mall operator Taubman Centers Inc set up a second joint venture with Beijing Wangfujing Department Store (Group) Co Ltd, one of China's largest department store chains, to open a shopping center in Zhengzhou, Henan province, in a bid to tap the country's expanding mall market.

The mall is scheduled to open in the second quarter of 2015.

Taubman invested $35.5 million and will have a majority interest in the project along with the Chinese firm, while Maple (Zhengzhou) Real Estate Development Co will have a minority stake.

Taubman, Wangfujing establish second joint venture

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