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INCITY Plaza Opens in Zhengzhou (2010-06-10)

Friday September 25, 2009

ZHENGZHOU, HENAN PROVINCE, CHINA -- Developer and manager of retail real estate, GMI Retail Management Co., Ltd., a China retail real estate joint-venture between SZITIC Commercial Property Co., LTD (SCP), Simon Property Group (SPG), and Morgan Stanley Real Estate Fund, today announces the opening of INCITY Plaza, the first international shopping center of its kind in Zhengzhou, a city of 7 million people. The 72,000 square-meters project is situated in the city’s downtown commercial district.

“The response from retailers including a variety of international retailers and restaurants to INCITY Plaza has been terrific” said Timothy J. Daly, General Manager of GMI Retail. “The project offers shopping, dining, leisure and entertainment for Zhengzhou. Our retailers are very excited to be part of the project. In addition to bringing great shopping to the city, more than 1,000 jobs have been created.”

INCITY Plaza, with 350 parking spaces, is anchored by a 19,000 sqm Wal-Mart Supercenter which opened on September 1st. It is now 95% leased. Its 100 tenants include such names as C&A, Sephora, Asobio, Promod, Elegant Prosper, Etam, Mara Carol, Only, Vero Moda, Jack Jones, Selected, La Chapelle, Ochirly, ODBO, Lens Crafter, BO, IN BASE, Top Sports. INCITY Plaza is the location for the first store opening in Zhengzhou for many of the above mentioned brands.
 
The 20 plus restaurant and entertainment offerings include Papa John’s, DQ, Ajisen Ramen, Tairyo, Han Lin BBQ, Tudali, Pipilu and Yonggehui KTV. Flyhigh is the first and largest family entertainment center in Zhengzhou and China Film, the leading film production corporation, opens its first cinema in the city.

GMI Retail Management Company is a joint-venture of SZITIC Commercial Property Co.,Ltd. , Simon Property Group, Inc. (NYSE:SPG), and Morgan Stanley Real Estate Fund. Established in April 2006, the venture is focused on building regional and super regional shopping centers in China. GMI currently has centers in Changshu, Zhengzhou, Suzhou and Hangzhou.

Liye Ding, President and CEO of SZITIC Commercial Property Co., LTD, said. “We are very excited to open our first project in Zhengzhou. We hope this project provides convenience and a new life style to local consumers, as well as a stable return to our investors. We have full confidence and look forward to its success.”