The CBL chairman pointed out that the company is looking forgrowth opportunities in a number of new markets, "such as ourrecently announced investment in a Chinese-based mall developer."The comment was a reference to CBL's agreement, after the end ofthe fourth quarter, with global private investment firm BainCapital to invest in subsidiaries of Jinsheng Group, a homedecorating mall operator and real estate development company basedin Nanjing, China.

CBL and Bain Capital acquired a significant minority equityinterest through an initial investment of $60 million in theJinsheng Group subsidiaries. CBL contributed $15 million of thetotal, with funds advised by affiliates of Bain Capitalcontributing $45 million.

According to Lebovitz, the company plans a continuation in 2007of the strategy it pursued in 2006 of "aggressively managing ourexisting portfolio" as well as "expanding our pipeline with newdevelopment and redevelopment projects." To that end, CBL openednearly two million sf of lifestyle developments, redevelopments andexpansions during the year.