Property group CapitaLand has clinched two new mall management contracts in the Chinese cities of Guangzhou and Chengdu.
The group said its shopping mall business, CapitaLand Retail, will manage the retail component of The Grand City, a landmark integrated development in Wanbo central business district in Panyu district, on behalf of Guangzhou Wan Shun Investment Management.
Separately, Chengdu Lide Commercial Industrial has appointed CapitaLand to manage a shopping mall in Qingyang district.
This latest addition is CapitaLand's seventh mall in Chengdu. CapitaLand now owns and manages 11 malls with 11.3 million square feet of retail gross floor area (GFA) in western China.
"Since announcing in August 2016 our intent to grow our retail footprint through management contracts, CapitaLand has signed 10 agreements with a total GFA of about 5.3 million sq ft. The growth momentum attests to the scalability and the value of CapitaLand's best-in-class retail operating platform," said CapitaLand Retail chief executive officer Wilson Tan.
This year, CapitaLand aims to open five malls in China, spanning a total retail GFA of about 4.2 million sq ft. They are CapitaMall LuOne and Alibaba Shanghai Centre in Shanghai, CapitaMall Tiangongyuan in Beijing, CapitaMall 180 in Foshan and CapitaMall ONE in Changsha.
CapitaLand shares yesterday ended four cents lower at $3.31.