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CapitaMalls Asia plans to expand Chinese projects

(China Daily)

10:05, October 21, 2011

SINGAPORE - CapitaMalls Asia Ltd, one of the largest commercial property developers in the Asian region, will open 15 new shopping malls in China by 2013, the company's top management said.

The Singapore-based company currently develops, owns and manages 96 malls in Asia, including 55 in China, 20 in Singapore, nine in India and five in Malaysia.

"China may replace Singapore as the largest revenue contributor for us next year, as we are going to open more malls on the mainland," said Lim Beng Chee, CEO of CapitaMalls Asia.

In the first half of 2011, Singapore and China each contributed around 40 percent of the company's total revenue, according to Lim.

The company plans to open three malls in China this year, six in 2012 and a further six in 2013.

Though a large number of Chinese property developers have jumped on the commercial property bandwagon in response to the government's rigorous measures to cool the residential sector, Lim said it is hard to say that there has been a bubble in the country's commercial real estate market.

"China's strong economic growth momentum and the government's determination to stimulate domestic consumption have provided many opportunities," said Lim.

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