Mitsui Fudosan to develop more shopping malls in China

Japan's largest property developer Mitsui Fudosan Co. is planning to open more shopping malls in China, as it expects consumer spending to spur demand even as the Chinese government tries to curb property speculation.

The company plans to construct various shopping malls across major Chinese cities, including Shanghai and Beijing, said Takehito Fukui, retail properties division project manager of Mitsui Fudosan. The plan for the Beijing project will depend on the completion of the project in Shanghai.

Mitsui Fudosan is expanding its operations in China amidst increasing consumer spending in the fastest-growing economy in the world. Based on government figures, China’s average annual disposable income increased to more than 10 percent in the past decade.

“There is still plenty of room for growth in China in terms of consumer spending and we would like to continue to develop commercial properties there,” said Mr. Fukui. “We see China as a place to expand our business including developing and operating commercial properties.”

In terms of residential developments, Mitsui Fudosan is also developing housing units in Tianjin along with Tiong Seng Properties and Sino-Singapore Tianjin Eco-City Investment & Development Co.

The company is also planning to develop more residential units in other Chinese cities.