Taubman Asia and Beijing Wangfujing Department Store (Group) Co., Ltd Announce Second Joint Venture to Co-Own and Manage an Over

Taubman Asia and Beijing Wangfujing Department Store (Group) Co., Ltd Announce
  Second Joint Venture to Co-Own and Manage an Over One Million Square Foot
                     Shopping Center in Zhengzhou, China

PR Newswire

HONG KONG, Feb. 7, 2013

HONG KONG, Feb. 7, 2013 /PRNewswire/ --Taubman Asia today reconfirmed a joint
venture between Taubman and Beijing Wangfujing Department Store (Group) Co.,
Ltd (Wangfujing), one of China's largest department store chains (Shanghai
Stock Exchange: 600859). The joint venture will own and manage a shopping
center to be located adjacent to two arterial roads, Nongye Road and Zhongyi
West Road, in Zhengzhou, China.

(Logo: http://photos.prnewswire.com/prnh/20130207/DE55854LOGO )
(Logo: http://photos.prnewswire.com/prnh/20120829/DE64407LOGO-b)

Currently under construction, the approximately 1,460,000 square feet or
135,000 square meter (GFA) shopping mall is scheduled to open by the second
quarter of 2015.This is the second retail joint venture between Taubman and
Wangfujing in the Chinese market and will own a majority interest in the
shopping center. The remaining ownership of the shopping center will be held
by Maple (Zhengzhou) Real Estate Development Co. Taubman and Wangfujing
announced their first retail project in Xi'an in August 2012.

This exciting development in Zhengzhou, China will represent a best-in-class
retail destination, new to the city. The project will deliver a comprehensive
shopping experience through a compelling mix of retail shops, restaurants and
entertainment facilities. The multi-level shopping center will be anchored by
a Wangfujing Department Store, a supermarket, a movie cinema, children's play
area and a mix of international and local, middle to high-end brands. It will
also feature an enticing mix of food and beverage experiences.

Rene Tremblay, president of Taubman Asia said, "We are excited to confirm our
second retail project in China with Wangfujing, not long after the
announcement of our first project in Xi'an. The project in Zhengzhou signifies
our commitment to the Chinese market and our long-term partnership with

Ms. Liu Bing, chairwoman and president, Wangfujing, commented, "Taubman is an
internationally renowned shopping mall developer and operator. The strategic
partnership with Taubman in China resonates with our strategy to accelerate
our expansion into the shopping center industry, on top of our department
store business. Wangfujing is currently operating two department stores in
Henan province with great success, including one in Zhengzhou, with annual
revenue of one store exceeding one billion RMB. Our experience will have a
positive impact on the prospects and recognition of the Zhengzhou project."

About Taubman
Taubman Centers, Inc. (NYSE: TCO) is an S&P MidCap 400 Real Estate Investment
Trust. Taubman is engaged in the ownership, management and/or leasing of 27
regional, super-regional and outlet shopping centers in the U.S. and Asia.
Taubman's U.S. owned properties are the most productive in the publicly held
U.S. regional mall industry.

Taubman is currently developing Taubman Prestige Outlets Chesterfield in
Chesterfield, Missouri; The Mall at University Town Center in Sarasota,
Florida; The Mall of San Juan in San Juan, Puerto Rico; and shopping malls in
Xi'an and Zhengzhou, China and Hanam, Greater Seoul, South Korea. Taubman
Centers is headquartered in Bloomfield Hills, Michigan and Taubman Asia, the
platform for Taubman Centers' expansion into China and South Korea, is
headquartered in Hong Kong. Founded in 1950, Taubman has over 60 years of
experience in the shopping center industry. For more information about
Taubman, visit www.taubman.com.

About Taubman Asia
Taubman Asia is a subsidiary of U.S. Mall operator Taubman Centers - a leader
in the shopping center industry. Taubman Asia is the platform for Taubman
Centers' expansion into China and South Korea and focuses on owning, managing,
and/or leasing high-quality and sustainable retail real estate projects in
Asia that leverage Taubman's strong retail planning design and operational
capabilities. For more information about Taubman Asia, visit www.taubman.com.

About Beijing Wangfujing Department Store (Group) Co., Ltd
Beijing Wangfujing Department Store (Group) Co., Ltd is the largest retail
group specializing in department store development in Mainland China. At
present, the group operates 30 department stores in 20 cities spanning across
5 major economic zones in China. Most of the stores hold a leading position in
their respective markets, while the company headquarters is situated in
Beijing. For more information, visit www.wfj.com.cn.

For ease of use, references in this press release to "Taubman Centers,"
"company," "Taubman" or an operating platform mean Taubman Centers, Inc.
and/or one or more of a number of separate, affiliated entities. Business is
actually conducted by an affiliated entity rather than Taubman Centers, Inc.
itself or the named operating platform.

This press release may contain forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. These statements reflect
management's current views with respect to future events and financial
performance. The forward-looking statements included in this release are made
as of the date hereof. Except as required by law, we assume no obligation to
update these forward-looking statements, even if new information becomes
available in the future. Actual results may differ materially from those
expected because of various risks and uncertainties.You should review the
company's filings with the Securities and Exchange Commission, including "Risk
Factors" in its most recent Annual Report on Form 10-K and subsequent
quarterly reports, for a discussion of such risks and uncertainties.


Description            A six-level shopping center with five levels above
                       ground and one underground.
Opening Date           Target second quarter of 2015
                       GLA: Approximately 1 million square feet or 96,000
                       square meters.

Size (Mall)
                       GFA: Approximately 1,460,000 square feet or 135,000
                       square meters

                       Upon opening we expect approximately 200 stores with
                       Wangfujing Department Store being the key anchor. The
                       mall will feature a mix of middle to high-end brands
Number of Stores       together with a movie cinema and an enticing mix of

Parking                Approximately 1,800 parking spaces
Location               Southeast corner of the junction of Nongye Road and
                       Zhongyi West Road in Zhengdong New District, Zhengzhou
                       The project is strategically located in the heart of
                       the Zhengdong New District which is forecast to achieve
                       high population and financial growth targets. It is of
                       significant importance to the municipal, provincial and
                       central governments.


                       Zhengzhou is a home to the automobile, infrastructure,
                       food production, coal, electricity, aluminum, textiles,
                       data and other major industries.

Additional Information 

                       Zhengzhou's economy has been performing strongly. GDP
                       in 2011 was +13.2% beating the national average of


                       Zhengzhou is an important commercial city with a
                       population of 8.66 million and is expected to reach 10
                       million by 2020. There are over one million residents
                       in a 5km radius of the project, with the total trade
                       area population expected to reach 2.8 million by 2015.
                       Taubman Asia

                       Suite 1107 – 11, 11/F

                       Two Pacific Place

                       88 Queensway

                       Admiralty, Hong Kong

Retail Partners

                       Beijing Wangfujing Department Store (Group) Co., Ltd

                       No. 253 Beijing Wangfujing Street

                       Beijing, China 100006



SOURCE Taubman Asia

Website: http://www.taubman.com
Contact: Karen Mac Donald, Taubman, Director, Communications, +1-248-258-7469,
kmacdonald@taubman.com, or Barbara Baker, Taubman, Vice President, Corporate
Affairs & Investor Relations, +1-248-258-7367, bbaker@taubman.com; or Pamela
So, Weber Shandwick, Hong Kong,+852 2533 9916, pso@webershandwick.com, or Alan
Hong, Weber Shandwick, Beijing, +86 10 85699850, ahong@webershandwick.com; or
Zhang Jinsong, Beijing Wangfujing Department Store (Group) Co., Ltd,, +86 (0)
10 8529 1075, yth@wfj.com.cn
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