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Retail News > China mall development

Taubman Centers Inc. (TCO), the U.S. luxury-mall owner, is close to announcing its first retail investment in China, Chairman and Chief Executive Officer Robert Taubman said.

“The growth of retail, the growth of the consumer, is really on steroids in China,” he said today in an interview at the International Council of Shopping Centers real estate conference in Las Vegas. “We’re getting close to an announcement.”

The company plans to develop retail properties in China as more people move from rural areas to cities and have more disposable income. Its Asia unit bought a 90 percent stake in retail real estate consulting company TCBL Consulting Ltd. for $23.7 million in December, according to a regulatory filing by Bloomfield Hills, Michigan-based Taubman Centers.

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