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Simon Property Group Inc., the biggest U.S. real estate company, said it was teaming up with a Chinese partner and a unit of Morgan Stanley to develop upwards of 12 Chinese shopping centers.
The projects would all be anchored by Wal-Mart stores, and in some cases Warner Theaters will also be an anchor tenant, Simon Group said in a statement issued late Monday.
Simon and Morgan Stanley Real Estate Funds will each take 32.5 percent stakes in the venture, with SZITIC Commercial Property Ltd. holding the remaining 35 percent. No financial terms were disclosed.
SZITIC Commercial is the retail property unit of State-backed Shenzhen International Trust & Investment Co.
The group's first project will be in Hangzhou, a city two hours away from Shanghai, with construction expected to be completed by spring 2007.
The venture said it has identified more than 12 potential projects, which would occupy a total area of 750,000 square meters on completion.
The projects would be multi-level developments in cities, including Shanghai and Nanjing. Their size would range from 40,000 to 70,000 square meters, the group said.
(Shenzhen Daily July 27, 2005)
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