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Carlsbad firm to build on its opportunities in South China: GMS Realty signs deal to construct, manage shopping centers in Shenzhen.

Publication: San Diego Business Journal
Publication Date: 26-JUN-06 		Format: Online
Delivery: Immediate Online Access
Full Article Title: Carlsbad firm to build on its opportunities in South China: GMS Realty signs deal to construct, manage shopping centers in Shenzhen.(International Trade)

Article Excerpt
Carlsbad-based retail developer GMS Realty--owner and operator of San Diego's popular waterfront Seaport Village--said it is going to build a series of shopping centers in China. GMS also said it will be managing the centers once they have been constructed.

William W. Gerrity, GMS chairman and chief executive officer, said the business opportunity came through its relationship with Wall Street merchant banker Morgan Stanley, which is working with state-owned enterprise Shenzhen International Trust & Investment Co., Ltd.

He declined to give details about the project.

"They want to build a large volume of shopping centers throughout China, and they have a large number of sites identified, and were looking for a developer and manager to lead the operation," said Gerrity.

Gerrity said GMS plans to mentor the Chinese and teach them the basics of running shopping centers. The Chinese are eager to adopt retail practices from the United States and give them their own spin, he...

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