Red Star Macalline Property, a subsidiary of Chinese furniture retail giant Red Star Macalline Group Co Ltd, announced plans on Friday to set up 100 shopping malls in 60 first- and second-tier cities by 2020.

"In addition to introducing domestic and foreign fashion, catering, recreation and hotel brands, Red Star Macalline's self-run brands will play a big role," said Chen Junyu, president of Red Star Macalline Property.

The company has reached agreement with Sichuan Films Co Ltd to jointly operate Red Star-Pacific Cinema in the malls and Red Star Wedding World will provide comprehensive wedding services.

So far, 27 malls are either under construction or just completed in 21 cities, such as Beijing, Tianjin and Chongqing.

The Beijing Aegean, with floor space of 130,000 square meters, is expected to open this year.

Set up in 1986 by private entrepreneur Che Jianxin, the Shanghai-based Red Star Macalline group has been among China's top 10 furnishing chains for years, while its commercial property development unit was ranked the second-largest in the industry last year.

According to the National Bureau of Statistics, China's real estate investment amounted to 7.18 trillion yuan ($1.12 trillion) in 2012, up 16.2 percent year-on-year.

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