…tycoon, has assets primarily in Singapore, Indonesia and China. It owns the 62-storey One Raffles Place Tower 1 at the heart of the Singapore central business district and the 36-store Lippo Plaza in Shanghai. The group plans to build a 57-storey mixed-used development in Jakarta targeted for completion in 2026….
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China Resources-Led Group Buying Hong Kong Supermarket Chain for $300M
…Resources.” China Resources chairman Fu Yuning looks pleased with his new stores With the backing of China Resources, City Super plans to accelerate its expansion in the mainland to tap on China’s growing consumption. The company said it also expects to derive synergies from working together with China Resources’ chains of Vanguard and Ole supermarkets. Established in 1996, City Super currently operates 20 supermarkets in Hong Kong and seven each…
New World Buys Shanghai Commercial Project for RMB 4.1B
…strips, on a site just two blocks from where the company completed its 59-storey Hong Kong New World Tower (now K11 Shanghai) in 2004. While Shanghai currently faces a glut of new commercial projects, New World, which currently has some 46 investment properties in mainland China, was able to purchase the prime site without competition. Adding to a Glitzy Strip “We have successfully won the bid for Middle Huaihai Road land parcel, Huangpu District…
Tenants Flee Hong Kong’s Central District as Office Vacancy Hits 5.6%
…t statistics with a number of international retailers looking to shut down stores or move to lower-priced locations in the face of closed borders and economic gloom. In July local media reported that sporting goods brand Decathlon had leased a 8,500 square foot shop in the Entertainment Building at 30 Queen’s Road in Central for around HK$800,000 per month. The price, which is equivalent to HK$94 per square foot per month, is around 70 percent les…
Soho China Declares Blackstone Buyout Deal DOA and More Asia Real Estate Headlines
…upermarket chain Freshippo said on Saturday it has shut 21 of its Shenzhen stores and was requiring all its employees in the city to undergo tests for the novel coronavirus after three cases were found at one of its outlets there. Freshippo said two brand promoters and one staff member who worked at its store in the IBC mall in Shenzhen’s Luohu district had tested positive for the virus, citing findings made by the city’s health authority. Read mo…
Asia Real Estate People in the News 2020-08-24
…zhen, including promoting expansion across retail channels and reinventing store formats. Ku received his promotion after previously serving two and a half years as senior vice president of China realty with the company. Chris Chen has joined Landsea Group in Shanghai as executive director for fund management at the mainland developer. Chen signed up with Landsea after more than five years with Warburg Pincus-backed redevelopment specialist Nova P…
Yum China Price Shares for $2.2 HK Listing and More Asia Real Estate Headlines
…e’s retail sales continued to slide in July – the first full month that in-store shopping and dining in at restaurants were permitted after their shutdown during the “circuit breaker” in the second quarter. The total retail sales value was down 8.5% year-on-year in July, making this the metric’s fifth straight month of decline. Still, this is an improvement from the 27.8% contraction registered in June, data released by the Department of Statistic…
Evergrande Slashes Prices by 30% for One Month and More Asia Real Estate Headlines
…vacancy rates in some of Hong Kong’s main shopping districts is forcing some landlords to get creative. Rather than leave their buildings standing idle, some are launching brand new, totally unrelated business ventures to fill the vacant space. Two joint owners of a five-storey retail complex at 53 Carnarvon Road, Tsim Sha Tsui, for example, plan to open their first cosmetics store on the premises on September 17. Read more>> Tune in again soon fo…
Nuveen Real Estate Acquires Seoul-Area Logistics Facility for $122M
…cupied by South Korean e-commerce giant Coupang, as well as by convenience store chain Emart24, both of which are described as ramping up same-delivery services in around the capital. While investment in most real estate sectors has been muted this year due to COVID-19, a CBRE report surveying South Korea’s logistics market during the first six months of 2020 found that the pandemic is spurring demand for logistics space from e-commerce platforms…
LA Hotel Seized from Jho Low Sold for $100M and More Asia Real Estate Headlines
…marketing agent OrangeTee Advisory announced on Monday (Oct 26). The three-storey development with eight commercial units and eight apartments, was completed in 1980 and sits on a site of 3,682 sq m (39,635 sq ft). Read more>> What Does CDL Board Resignation Mean for Its Share Price? CITY Developments (CDL) has lost about 8 per cent of its market value since revealing last week that there were bitter divisions within its board in relation to its i…
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