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. Last Updated: 07/27/2016

Simon Says It Will Open China Malls

SHANGHAI -- The Simon Property Group, one of the biggest real estate and shopping mall developers in the United States, said last week that it had formed a partnership with brokerage Morgan Stanley and a state-owned Chinese company to develop as many as a dozen shopping centers in China.

The companies did not disclose their investment in the shopping centers, all of which would be anchored by Wal-Mart outlets. But analysts said the projects could cost as much as $700 million to develop, which would make the deal one of the largest foreign real estate investments ever made in China to date.

For Simon Property, one of the world's biggest real estate companies, the investment is its first big move into China. The company already owns or manages more than 150 malls in the United States and Europe, including the sprawling Mall of America.