…ion brands, such as Uniqlo, Zara, H&M and C&A, which increased their total store count by 40 percent from mid-2012 to the end of last year. The report, “Spotlight on China’s Retail Market 2014: Experience at the Fore in the New Retail Typology”, co-published by international property consultancy Knight Frank and global design and consulting firm Woods Bagot, singled out luxury retailing as an underperforming sector in an overall retail environment…
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China Real Estate News Around the Web 2015-08-05
…HK TAG Heuer Shop Over High Rents Swiss watchmaker TAG Heuer is shutting a store in Hong Kong as high rental costs and declining numbers of customers weigh on profitability, according to the head of LVMH Moet Hennessy Louis Vuitton SE’s watchmaking activities. The brand has decided to close a store on Russell Street, one of the island city’s main shopping thoroughfares, Jean-Claude Biver said Monday. Read more>> £3.5 Billion London Project Turns t…
Panel Urges Ban on Chinese SOE Acquisitions in the US and More Asia Real Estate Headlines
…and Burberry has reportedly extended its rental contract on a three-storey store in Tsim Sha Tsui’s Silvercord Mall, clinching a 30 percent cut in monthly rent to HK$4.5 million. The store occupies a total floor area of about 10,140 square feet and the rent before the extension was HK$6.5 million. The landlord of the store, Chinese Estates, the largest shareholder of which is Joseph Lau Luen-hung, was apparently looking to rent the shop out for HK…
Cash-Starved LeEco Aims to Sell Off $424M Beijing Mall It Bought Last Year
…n Beijing are eager for prime locations. Anchored by the Shimao Department Store, the mall is located in a high-traffic area in Beijing’s east. Just a short walk away from the Shimao Gongsan is Swire Property’s successful Taikoo Li Sanlitun. While the Shimao Gongsan site is near Taikoo Li and just north of a major entertainment and sports venue, it’s also just a 300 meter walk away from Sanlitun’s Yashow, once a tourist must-see retail center know…
Le Eco Says It’s Selling Beijing Mall to China Vanke for RMB 4 Bil
…indicated that LeEco would be doing well if it could resell the department store-anchored mall for the same price that it purchased it for last year. Anchored by the Shimao Department Store, the eastern Beijing mall is said to attract some 25,000 people daily. The location is within easy walking distance of Swire Properties’ successful Taikoo Li Sanlitun and is just north of Beijing’s Workers’ Stadium. Newest Innovations Include Unhappy Creditors…
Greenland Group Discloses Overdue Debt and More Asia Real Estate Headlines
…n Flops with Shareholders Plans by the parent firm of New World Department Store China to take it private for HK$934.5 million have failed, after not managing to garner enough support from independent shareholders for a full buyout of the operation. By the end of its final closing date on Monday, New World Department Store had received valid acceptances representing 83.90 per cent of shares owned by independent shareholders, just shy of the 90 per…
GIC Joins $5.4B Bet on AccorInvest and More Asia Real Estate Headlines
…n Shutters Fourth Mall in Vietnam Parkson Holdings, a Malaysian department store operator with outlets across Asia, has closed another store in Ho Chi Minh City due to a business downturn. Parkson Flemington was opened in 2009 in HCMC’s District 11, but is now the fourth Parkson center in Vietnam to close. In an announcement posted on its website, Parkson said the closing of Parkson Flemmington “will not affect the business of other department sto…
Li Ka-shing Spends HK$130M Upping Stake in CK Asset and More Hong Kong Real Estate Headlines
…Technologies, China’s biggest smartphone maker, will open its first retail store in Hong Kong by the end of July as part of its bid to narrow the gap with market leaders Apple and Samsung Electronics in the city. The new store will have a gross floor area of 2,000 square feet in Tsim Sha Tsui, offering customers an opportunity to try out Huawei’s latest products. The news came after the Shenzhen-based company unveiled its flagship P20 Series smart…
Edwin Leong Consolidates Sai Ying Pun Site and More Hong Kong Real Estate Headlines
…red by the yachting lifestyle of the South Coast, opens their first pop-up store in Hong Kong in partnership with Bluebell Group and kapok, their long-term retail partner in this city. The largest range of their effortlessly stylish, colourful, and water-resistant shoes will be available in kapok’s store on 3/f, k11 art mall – including the latest ss18 collection and an exclusive collaboration with french heritage brand saint james. Read more>> Wh…
WeWork Raises $1B From Softbank and More Asia Real Estate Headlines
…ke Ashley’s Sports Direct has agreed to buy the House of Fraser department store chain for £90m. The deal was announced just hours after the 169-year-old chain went into administration when talks with its creditors failed to reach an agreement. Mr Ashley said his plan was to turn the 59-store chain in to the “Harrods of the High Street”. Nanjing-based conglomerate Sanpower had purchased an 89 percent stake in the UK retailer for £450 million in 20…
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