…rimps sales. As vacancies rise, rents have plunged. “We expect high street shops rents to drop 35 percent to 40 percent this year, while prime shopping centre rents will drop 25 percent to 30 percent,” noted JLL’s Hong Kong head of retail Oliver Tong. “Leasing demand will remain weak in the second half of this year due to the ongoing pandemic and economic uncertainties.” In this environment, the odds seem stacked against Uncle Bor selling his Wanc…
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Watsons Closes Tsim Sha Tsui Shop After 20 Years and More Asia Real Estate Headlines
…ctive sale of the GB Building in the city-state’s downtown. Watsons Closes Shop in Tsim Sha Tsui After 20 Years Personal health care chain Watsons said it will close its shop in one of Hong Kong’s major tourist locations on Thursday after leasing it for two decades, a sign of the retail industry’s struggle to survive a near-total absence of visitors during the pandemic. Watsons, owned by tycoon Li Ka-shing’s CK Hutchison Holdings, said the closure…
Alibaba Invests HK$1.86B in E-House to Launch Online Real Estate Platform
…ase. ”In the process of collaborating with E-House and Alibaba to build an online real estate marketing and transaction platform, Leju will leverage its experience in online marketing and transaction service and become the service provider for digital marketing and operation on the platform,” he added. Zhou also said that he expects the joint effort with Alibaba to improve Leju’s competitiveness, with the site have long ranked as an also-ran among…
The Millennial Force: Changing the Workplace and its Culture Sponsored Feature
…nd – the same JustCo hospitality, no matter where they are. We make work better by revolutionising how people work, empowering our ever-growing community with exceptional flexibility, opportunities and experiences. Website: https://www.justcoglobal.com/th Facebook: https://www.facebook.com/JustCoGlobal/ LinkedIn: https://sg.linkedin.com/company/justco Instagram: https://www.instagram.com/justcoglobal YouTube: https://www.youtube.com/channel/UC9AoN…
Wanda Whiffs on $3B Ecommerce JV with Tencent and Baidu
…link Wanda’s portfolio of more than 100 malls to China’s growing legion of online shoppers. The company is now 100 percent controlled by Wanda affiliates. The setback is the latest in a series of recent struggles for Wanda, as Wang attempts to transform his real estate firm into a $200 billion conglomerate operating across business areas as diverse as theme parks, online finance and sports marketing. Wanda, Tencent and Baidu Find Out Ecommerce Isn…
China Mall Developers – Time to Shop Around – and more of Today’s China Real Estate Links | November 28, 2012
…who have cashed in on the growing middle class and the expanding ranks of shoppers in China are facing a new reality: Not every city can be a shopping mecca with an endless appetite for new places to spend those spare renminbi. Shenyang, Zhengzhou, Wuhan and Shanghai are among the cities that should probably be avoided if you happen to be a shopping mall developer, according to a recent analysis by Credit Suisse Equity Research. Starbucks Plays t…
Parkson Closes Beijing Shop as Department Stores Stagger
…nd price competition from ecommerce operators. Customers Scarce at Beijing Shop as Department Stores Suffer Reports in the local press interviewed local residents about the closed Beijing shop, and indications are that the store may need more than just remodelling to reopen profitably. Locals described business at the local Parkson branch as tepid, with customers scarce even on weekends. Apparently the shopping district Parkson chose for the store…
Causeway Bay Landlord May Evict La Perla After Lingerie Shop Skimps on $1.2M in Rent
…rla is poised to lose its flagship store in Hong Kong’s prime Causeway Bay shopping district, after allegedly defaulting on HK$9.21 million ($1.18 million) in rent. After the high-end bra brand threw a star-studded party to open the five-storey flagship store across from the Times Square mall just over two years ago, La Perla’s landlord claimed in a writ filed to the High Court that the company failed to pay its rent for January and February. The…
Shop King Said Buying Kwai Chung Asset for HK$1.6B and More Hong Kong Real Estate Headlines
…s largest REIT is investing some of its haul from last year’s mega-sale of shopping malls, and the government is studying ways to combat a housing affordability crisis. All these stories and more await you, if you just keep reading. Tang Shing-bor Said to Buy Kwai Chung Shed for HK$1.6B Shop King Tang Shing-bor is said to have bought the second phase of the Brilliant Cold Storage facility in Kwai Chung for HK$1.6 billion, which equates to HK$5,517…
Hanison, China Merchants Capital Sell Industrial Project to HK Shop King for HK$1.1B
…ure with China Merchants capital last March, purchasing the Kwai Chung workshop with the intention of redeveloping the former textile factory into an office project. In its statement to the Hong Kong exchange, however, the developer said that the Hanison said that the sale of the property at 57-61 Ta Chuen Ping Street represented an opportunity to hasten the return on its original investment, adding that the disposal offered a more efficient use o…
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