CMA

CMA: to acquire a new shopping mall in Wuhan, China – its third in the city. The mall is part of an integrated devt which includes residential and office components, and is situated along Zhong Bei Road in Wuchang district. Wuchang District is the most populated district in Wuhan with a population of > 1m. The mall’s catchment within a 5 km includes ~700k residents, the Hubei provincial govt HQ, other government complexes and Wuhan University and Huazhong University of Science and Technology – the top two universities in Hubei Province. The mall will enjoy good connectivity with a direct link from the basement to Zhou Jia Da Wan station on Metro Line 4, a key transportation line which will be operational in 2013. The mall, to be completed in 2014, is expected to comprise 8 storeys with total GFA (excl a 900 lot car park) of ~70.7k sm. Positioned as a middle to upper-middle income, one-stop shopping destination, the mall will house int’l and local fashion brands, a supermarket, children related specialties, entertainment facilities and restaurants. The total invmt cost is est at Rmb 1,156m or Rmb 16,354 psm GFA. This brings CMA’s portfolio to 59 shopping malls in 36 cities in China, of which 43 are operational and 16 are under devt. The stock trades at 1x P/B. The Street has 15 Buys and 3 Sells, with avg consensus TP at $1.87.