Taubman Asia and Beijing Wangfujing Department Store (Group) Co., Ltd Announce Joint Venture to Invest in and Manage an Over One Million Square Foot Shopping Center in Xi'an, China

HONG KONG, Aug. 29, 2012 /PRNewswire/ -- Taubman Asia today confirmed a joint venture between Taubman TCBL and Beijing Wangfujing Department Store (Group) Co., Ltd (Wangfujing), one of China's largest department store chains (Shanghai Stock Exchange: 600859). The joint venture will own a controlling interest in and manage a shopping center to be located at Xi'an Saigao City Plaza, a large-scale mixed-use development in Xi'an, China, which is developed by Shaanxi Fuli Real Estate Development Co. Ltd. This is the first retail development by Taubman TCBL in China since the company was formed in late 2011.

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The joint venture between Wangfujing and Taubman TCBL will have the majority ownership of the shopping center. The remaining ownership of the shopping center will be held by Shaanxi Fuli Real Estate Development Co. Ltd.

Mr. Rene Tremblay, president of Taubman Asia and chairman of Taubman TCBL, said, "This agreement is a major milestone for Taubman TCBL. It is the company's first investment in the China market and we are proud to have formed a strategic partnership with Wangfujing, one of China's most respected department stores."

Ms. Liu Bing, President and CEO, Wangfujing, commented, "Wangfujing has already completed the initial phase of our company's development target and are now dedicating our efforts to realizing our new strategic direction, and accelerating the development of the shopping mall industry. As such, we are delighted to partner with Taubman on the Xi'an project. We believe that Taubman's profound industry experience will solidify the foundation of our partnership and help set new standards in China through their world-class shopping centers."

Mr. Thomas Tam, president and chief executive officer of Taubman TCBL, said, "We are confident that by combining Taubman's 62 years of shopping center development and management expertise, with Wangfujing's retailing experience and intimate knowledge of the Chinese consumer, we will create one of the most exciting retail destinations in China, that is well matched to the local market while in line with the best international standards."

Anchored by a Wangfujing department store, the seven-level Xi'an shopping center is expected to feature a cinema, restaurants, and approximately 300 international and local specialty stores. It is scheduled to open in the third quarter of 2015 and is part of a 5.9 million square feet (gross building area) mixed-use project, which includes two hotels, a residential tower, two serviced apartment towers and an office building.

About Taubman

Taubman Centers, Inc. (NYSE: TCO) is a real estate investment trust engaged in the development, leasing and management of regional and super regional shopping centers. Taubman's 27 owned, leased and/or managed properties, the most productive in the publicly held U.S. regional mall industry, serve major markets from coast to coast. Taubman Centers is headquartered in Bloomfield Hills, Michigan, and its Taubman Asia subsidiary is headquartered in Hong Kong.  For more information about Taubman, visit www.taubman.com.

About Taubman Asia

Taubman Asia is a subsidiary of Taubman Centers – a leader in the shopping center industry. Taubman Asia is the platform for U.S. mall operator Taubman Centers' expansion into China and South Korea and focuses on owning, managing, developing and acquiring 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.taubman.com.

About Taubman TCBL

Taubman TCBL is a China based subsidiary of Taubman Asia. The company is committed to developing the most productive portfolio of retail properties and being the most qualified asset management company in China. Headquartered in Beijing, Taubman TCBL runs five offices including Beijing, Shanghai, Shenzhen, Chongqing and Chengdu. For more information about Taubman TCBL, visit www.taubmantcbl.com.cn.

About Beijing Wangfujing Department Store (Group) Co., Ltd

Beijing Wangfujing Department Store (Group) Co., Ltd is the largest retail group specializing in department store development in Mainland China. At present, the group operates 25 department stores in 17 cities spanning across 5 major economic zones in China. Most of the stores hold a leading position in their respective markets, while the company headquarters is situated in Beijing. For more information, visit www.wfj.com.cn.

About Shaanxi Fuli Real Estate Development Co. Ltd.

Shaanxi Fuli Real Estate Development Co. Ltd. is a property developer based in Shaanxi, China. The company is dedicated to building high-quality projects that express a unique character. Since 2002, Shaanxi Fuli has developed nearly 6.5 million square feet of mixed-use projects and landmarks under the name of SAIGAO. For more information, visit www.sxfldc.com.

For ease of use, references in this press release to "Taubman Centers," "Taubman Asia," "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. The forward-looking statements included in this release are made as of the date hereof. Except as required by law, we assume 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 and uncertainties, including, but not limited to the global credit environment and the continuing impacts of the recent U.S. recession, other changes in general economic and real estate conditions, changes in the interest rate environment and the availability of financing, general development risks, adverse changes in the retail industry and integration and other acquisition risks. Other risks and uncertainties are discussed in the company's filings with the Securities and Exchange Commission including its most recent Annual Report on Form 10-K.

SOURCE Taubman Asia