Prices of shopping malls may return to 2003 or 2004 levels as consumer spending and the commercial real estate market recover, David E. Simon, the chief executive of Simon Property Group Inc., said. That would represent a price decline of as much as 23%.

Simon Property, the biggest shopping mall owner in the United States, has a $3.8 billion balance sheet and is looking at possible acquisitions, David Simon said in an interview.

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