Business

CapitaMalls Asia to acquire 10th Beijing mall for S$356.6m

Published: 12:07 PM, July 15, 2013

SINGAPORE--CapitaMalls Asia (CMA) has won a tender to acquire its 10th shopping mall in Beijing for S$356.6 million.

Grand Canyon Mall is in the Fengtai district which has a population of about 2.2 million people and is one of six core districts in Beijing. Located in the south of the city, it is an up-and-coming region identified for accelerated economic growth by the Beijing government.

Commenting on the acquisition, Mr Lim Beng Chee, CapitaMalls Asia’s chief executive, said: “With a convenient and strategic location well-supported by extensive public transport connections, the mall meets the underserved retail needs and aspirations of the residents and office workers in this region.”

Including Grand Canyon Mall, CMA has 61 shopping malls in 36 cities in China, of which 51 are operational while the other 10 are under development.

In Beijing, CMA now has 10 malls, of which nine are operational.

The acquisition of Grand Canyon Mall is subject to the approval of the Chinese government.