ASIANET: General Growth Properties Announces Agreement On Kobe Japan Project

CHICAGO, May 16/ PRNewswire-AsiaNet/-- General Growth Properties, Inc. (NYSE:GGP) today announced that General Growth Management of Hawaii, Inc., its Hawaii property management subsidairy, has entered into a consulting services agreement with Daiei, Inc. (Daiei) to provide consulting services agreement with Daiei in connection with their proposed development with the city of Kobe, in kobe, Japan, on a mixed-use retail project.

Bob Solomon, President of General Growth Managment of Hawaii, Inc., said, "We are pleased to continue our association with Daiei, and feel that our 40 years of experience and extensive expertise in shopping center management, leasing and development will benefit the analysis that will go into this exciting project in Kobe."

General Growth Management of hawaii, Inc., is a wholly owned subsidairy of General Growth Management, the largest manager of shopping centers for the third party owners in the United States. General Growth Properties, Inc. is one of the oldest and most experienced shopping center owners, developers and managers in the United States. it currently owns interest in and/or manages 109 shopping malls in the United States, comprising approximately 88 million square feet of retail space. It also has two new shopping malls under construction in Waterbury, Connecticut, and Coralville (Iowa City), Iowa.

SOURCE: General Growth Properties, Inc. -0- 05/16/97 CONTACT: John Bucksbaum, 312-551-5005, or Bernard Freibaum, 312-551-5053

both of General Growth Properties, Inc./ / General Growth's press

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