CapitaLand allies with Shenzhen ITIC on mall spree

Singapore's CapitaLand and Shenzhen International Trust & Investment (Szitic) have joined forces to build and manage six mainland malls, each with a Wal-Mart store serving as an anchor tenant. The alliance results from CapitaLand agreeing to pay Szitic RMB 983.88mn (US$118.53m) for a 51% stake in the shopping centers which are set to open between mid-2005 to early 2006. The remaining stake will be owned by a Szitic company.