4/14/2008

Turkish shopping center to be built in China

Turkish Daily News - A 320,000-square meter shopping center will be built by a Turkish company in China's Shenyang district. The shopping center will be constructed by Star Mall, a partnership between FIBA Group and Turkmall, and has an investment value of $200 million and is due to be completed in 2010. The shopping center will be built on land rented for 40 years and will include a 40,000 square meter five-star hotel, ice skating rink, cinema, night club, spa rooms and Turkish bath. “We want to bring Turkish investors to China as we did in Romania and Moldova, and contribute to their expansions,” said Husnu Ozyegin, chairman of FIBA Group, who also noted that Turkish investors were successful in countries such as Russia, Romania and Ukraine, and that their group would support their attempts to develop real estate abroad. Mentioning the trade deficit against Turkey between the two countries, Ozyegin said this could be overcome by producing and selling more products and services. Moreover, the appreciation of the Chinese currency (RMB) could also be advantageous in this period.

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