Mitsui Fudosan Takes First Step into Overseas Market for Commercial Retail Facility Business with "Ningbo Outlet Project" (Tentative Name) in Ningbo City, Zhejiang Province, PRC
Opening Planned for Spring 2011
March 11, 2010
Mitsui Fudosan Co., Ltd.
Mitsui Fudosan announced today the decision to pursue its outlet malls business in Ningbo City, Zhejiang Province in the People's Republic of China, through a joint venture there to be established with Shanshan Group Co., Ltd, Daito Woolen spinning & Weaving Co., Ltd. , Li-rong Investment Co., Ltd. and ITOCHU Corporation. The name of the newly established company is Shanjing Fudosan Kaifa (Ningbo) Co., Ltd. Construction of the new outlet mall will begin in April 2010, with the first stage of development scheduled for completion in spring of 2011. The facility will be the first outlet mall in Ningbo.
Zhejiang Province shares borders with Shanghai, China’s largest economic municipality, and with Jiangsu Province. This area has experienced remarkable economic growth, even by Chinese standards. Ningbo City, a major city in Zhejiang Province, is a trading base offering excellent shipping access. It is also a center for companies connected to the yarn and apparel industries.
The site for the planned outlet mall development is about 10km to the west of Ningbo City center and close to an expressway interchange, providing excellent access from the inner city and the wider area. The area has been undergoing development in recent years, with progress on residential housing, hotels, and other projects, and further development is expected in future.
The plan for the construction of the facility has two stages. At stage one, the 116,480 m2 site will house approximately 100 shops with a combined floor area of about 16,964 m2, while at stage two the number of shops will be increased to 160 shops with a floor area of 26,674 m2. The facility is to have a two-story, open-mall configuration to provide a comfortable, open-feeling space.
Through its businesses in Japan such as Mitsui Outlet Parks and Mitsui Shopping Park LaLaport, Mitsui Fudosan has built up a wealth of experience and knowledge concerning retail facility development, tenant leasing, and management. The Company will make full use of this know-how in this project.
The Ningbo outlet mall project represents Mitsui Fudosan’s first step into the retail facility business outside of Japan. The Company plans to aggressively expand its retail facilities business and residential housing business in rapidly-growing China and other parts of east Asia.
* A separate news release has been released under the name of the developer.
Please see the attached reference materials for the design profile, companies, the developer, and a map of the area.