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A Star is born for Chinese consumers
By Cao Qian |
July 31, 2010, Saturday
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Print Edition
Print Edition
STAR Mall Group, an international real estate development and investment company, plans to expand its shopping mall portfolio rapidly across China in the next few years, particularly in second-tier cities.
The company plans to open its first property in China next year in Liaoning Province.
"Star Mall Shenyang Plaza, set to be launched in May 2011, is our first tap into the China market," Bulent Ulusoy, chief executive officer of Star Mall, said in Shanghai yesterday. "Hopefully, we will start two new projects very soon in the country as part of our aggressive plan to develop shopping malls all around China."
The location of the two malls is under final discussions, according to Star Mall, a joint venture between FIBA Group, a Turkish conglomerate with operations covering financial services, real estate and retail, and Turkmall, an international property developer and investor.
A US$200 million investment, Star Mall Shenyang Plaza will become one of the largest shopping malls in northeast China upon completion with gross leasable space of 129,000 square meters.
Anchor tenants in the mall, now 45 percent occupied, include fashion retailers Inditex and Bestseller, hypermarket operator Auchan as well as a 12-screen, 1,750-seat Huayi Brothers movie theater.
The Huayi Brothers Media Group plans to open about seven cinemas a year over the next few years across China, including Shanghai.
Investment for those movie theaters, all of which will have a minimum of eight screens, is around 30 million yuan (US$4.42 million) each, Huayi officials said.
The company plans to open its first property in China next year in Liaoning Province.
"Star Mall Shenyang Plaza, set to be launched in May 2011, is our first tap into the China market," Bulent Ulusoy, chief executive officer of Star Mall, said in Shanghai yesterday. "Hopefully, we will start two new projects very soon in the country as part of our aggressive plan to develop shopping malls all around China."
The location of the two malls is under final discussions, according to Star Mall, a joint venture between FIBA Group, a Turkish conglomerate with operations covering financial services, real estate and retail, and Turkmall, an international property developer and investor.
A US$200 million investment, Star Mall Shenyang Plaza will become one of the largest shopping malls in northeast China upon completion with gross leasable space of 129,000 square meters.
Anchor tenants in the mall, now 45 percent occupied, include fashion retailers Inditex and Bestseller, hypermarket operator Auchan as well as a 12-screen, 1,750-seat Huayi Brothers movie theater.
The Huayi Brothers Media Group plans to open about seven cinemas a year over the next few years across China, including Shanghai.
Investment for those movie theaters, all of which will have a minimum of eight screens, is around 30 million yuan (US$4.42 million) each, Huayi officials said.
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