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Taubman pulls out of Macau Studio City

Taubman Centres, one of the world's top luxury destination retail developers, has pulled out of Macau Studio City, recovering its 25 percent, US65 million interest in the project's huge shopping mall development, according to www.macaubusiness.com.
“Under the established agreement, if the developers, Cyber One, were unable to secure financing within an 18 month period, Taubman would get its 25 percent share back. That’s what happened, as the set period expired on August 11,” Morgan Parker, Taubman's Asia Pacific region president told www.macaubusiness.com.
Parker also stressed that his company hasn’t totally lost interest in the Macau Studio City project. “I would like to stress that we have an excellent relationship with our partners and that once the owners are able to finance it, Taubman is willing to reinvest.”
The company had been set to bring top retail brands to The Mall at Studio City that will occupy an extraordinary 920,000 square feet of gross floor. The developers of Macau Studio City are Cyber One Agents Limited, a joint venture between New Cotai, LLC and East Asia Satellite Television Holdings, a subsidiary of Hong Kong-based eSun Holdings.
Taubman Centres, Inc. had acquired a 25 percent interest in The Mall at Studio City, the retail component of the project. In addition, Taubman Asia entered into long-term agreements to perform development, management and leasing services for the shopping centre.
Strategically located on the Cotai Strip, Macau Studio City is hoping to pull in up to 70,000 visitors a day. 
The mega investment that was announced at the beginning of 2008 will also have a casino through Melco PBL, a Playboy Mansion, the world's biggest names in hospitality, The Ritz-Carlton, Marriott, and the world's first Tang Hotel, inspired by Asian style icon David Tang.

 

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