American shopping center operator Taubman Centers Inc. has reportedly invested CNY221.4 million in a joint venture of Beijing Wangfujing Department Store (Group) Co. for the operation and management of a shopping mall.
With the investment, Taubman's Asia-headquartered subsidiary will cooperate with Wangfujing in the operation of a shopping mall in Zhengzhou, Henan province, according to reports in Chinese local media. Taubman Zhengzhou (Hong Kong) will hold a 49% stake in the related retailing joint venture, while Wangfujing will hold the remaining 51% stake.
Taubman also published a report, stating that the joint venture will hold the majority stake in a 1,460,000-square-feet shopping mall in Zhengzhou, which is currently undergoing construction. Maple (Zhengzhou) Real Estate Development Co. will hold the remaining stake of the shopping mall.
This is reportedly the second time for Taubman to cooperate with Wangfujing within 12 months. In August 2012, Taubman announced plans to operate a shopping department store in Xi'an, Shaanxi, with Wangfujing. This department store will be opened in the third quarter of 2015.