The New CityOn.Zhengzhou Shopping Center Opened to Capacity Crowds Today in Henan Province
Zhengzhou, China, March 16, 2017 – The new CityOn.Zhengzhou Shopping Center in Zhengzhou, Henan Province, opened today after a ceremonial ribbon cutting featuring Taubman Centers, Inc. (NYSE: TCO) Chairman, President and Chief Executive Officer Robert Taubman, Wangfujing Group Co., Ltd. senior executives, special guests from the community and a large, enthusiastic crowd. Taubman Asia and Wangfujing jointly developed the shopping center to cater to the local community.
Anchored by a four-level Wangfujing Department Store, the 94,000 square meter / approximately one million square foot center opened today 100 percent leased and 93 percent occupied. By the end of April 2017, it is expected to be 100 percent occupied with nearly 200 of today’s most in-demand retailers, restaurants and entertainment venues.
“We are thrilled to introduce the new CityOn.Zhengzhou Shopping Center, our second project with Wangfujing and third ground-up development in Asia,” said Taubman. “This center will set a new standard for retail experiences for the people of Zhengzhou, while driving significant shareholder value over time.”
“We are delighted to again work with Taubman Asia to offer a world-class shopping experience in Zhengzhou,” said Liu Yi, Chairman of Wangfujing Group. “CityOn.Zhengzhou Shopping Center perfectly combines our extensive experience as China’s leading retail brand with Taubman’s 67 year legacy in shopping center development. The center is now one of the most exciting retail destinations in the region and will undoubtedly attract significant investment, economic activity and job opportunities to Zhengdong New District.”
A flourishing city in Central China, Zhengzhou is a major finance, business and transportation hub in Central China. One of China’s fastest growing cities, with GDP growth of 8.4 percent in 2016, Zhengzhou is home to over 9.5 million residents, a number expected to reach 15 million by 2020. In December 2016, Zhengzhou was named a National Central City, recognized as a driving economic force in Central China.
Located in the heart of Zhengdong New District, Zhengzhou’s booming central business district, the six-level, 94,000 square meter / approximately one million square foot shopping and dining destination will offer a curated mix of domestic, international and lifestyle brands from fast fashion to accessible luxury anchored by a four-level Wangfujing department store. An exceptional leisure destination, CityOn.Zhengzhou will also provide families with many kid-friendly, educational and entertainment offerings. The center is open daily from 9:30 a.m. to 9:30 p.m., with extended hours of operation for the Cinema. For more information please visit the CityOn.Zhengzhou Shopping
Center website at http://zhengzhou.cityoncenter.com/.
About Taubman Asia
Taubman Asia is a subsidiary of U.S. Mall operator Taubman Centers, a leader in the shopping center industry. Taubman Asia is the platform for Taubman Centers' expansion into China and South Korea and focuses on owning, managing, and/or leasing high-quality and sustainable retail real estate projects in Asia that leverage Taubman's strong retail planning design and operational capabilities. For more information about Taubman Asia, visit www.taubmanasia.com.
Taubman Centers is an S&P MidCap 400 Real Estate Investment Trust engaged in the ownership, management and/or leasing of 27 regional, super-regional and outlet shopping centers in the U.S. and Asia. Taubman’s U.S.-owned properties are the most productive in the publicly held U.S. regional mall industry. Founded in 1950, Taubman is headquartered in Bloomfield Hills, Mich. Taubman Asia, founded in 2005, is headquartered in Hong Kong. www.taubman.com.
About Wangfujing Group Co., Ltd.
Founded in 1955 at China’s busiest commercial street in Beijing, Wangfujing Group Co., Ltd has enjoyed a history of over 60 years.
Over the last 60 years as China transformed to a market-oriented economy, Wangfujing Group Co., Ltd has enjoyed a reputation at home and abroad as evolving from the first store of new China to the top department store in China, leading the retail industry development. Never having deviated from its original mission, the group continues to be recognized as the industry leader, committed to transforming its traditional department store business into a modern retail group.
The group’s current sales network spans seven major economic zones in China, operating 50 large-scale retail stores, covering various retail formats including department stores, shopping malls and outlet business formats. The group offers an operating area of approximately 2 million square meters.
For ease of use, references in this press release to “Taubman Centers,” “company,” “Taubman” or an operating platform mean Taubman Centers, Inc. and/or one or more of a number of separate, affiliated entities. Business is actually conducted by an affiliated entity rather than Taubman Centers, Inc. itself or the named operating platform.
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements reflect management's current views with respect to future events and financial performance. Forward-looking statements can be identified by words such as “will”, “may”, “could”, “expect”, “anticipate”, “believes”, “intends”, “should”, “plans”, “estimates”, “approximate”, “guidance” and similar expressions in this press release that predict or indicate future events and trends and that do not report historical matters. The forward-looking statements included in this release are made as of the date hereof. Except as required by law, the company assumes no obligation to update these forward-looking statements, even if new information becomes available in the future. Actual results may differ materially from those expected because of various risks, uncertainties and other factors. Such factors include, but are not limited to: changes in market rental rates; unscheduled closings or bankruptcies of tenants; relationships with anchor tenants; trends in the retail industry; the liquidity of real estate investments; the company’s ability to comply with debt covenants; the availability and terms of financings; changes in market rates of interest and foreign exchange rates for foreign currencies; changes in value of investments in foreign entities; the ability to hedge interest rate and currency risk; risks related to acquiring, developing, expanding, leasing and managing properties; changes in value of investments in foreign entities; risks related to joint venture properties; insurance costs and coverage; security breaches that could impact the company’s information technology, infrastructure or personal data; the loss of key management personnel; shareholder activism costs and related business disruptions; terrorist activities; maintaining the company’s status as a real estate investment trust; changes in the laws of states, localities, and foreign jurisdictions that may increase taxes on the company’s operations; and changes in global, national, regional and/or local economic and geopolitical climates. You should review the company's filings with the Securities and Exchange Commission, including “Risk Factors” in its most recent Annual Report on Form 10-K and subsequent quarterly reports, for a discussion of such risks and uncertainties.