Mainland shoppers aren’t always welcome, but it would be nice if they sent some renminbi across the border now and then
Mainland tourists may not make themselves welcome everywhere they go, but Hong Kong’s malls seem to be missing the Renminbi-carrying shopping hordes in 2016. Plus, New World Group turns from art to kid stuff to pull in visitors for their own Hong Kong shopping centre, and China land prices are on the rise again. Read on for all these stories and more.
Fewer Mainland Shoppers Means Less Traffic for Hong Kong’s Malls
After 27 years of serving rib-eye steak and apple pie to American cuisine lovers in Hong Kong, Dan Ryan’s Chicago Grill has closed its doors at the city’s Pacific Place mall. Taking its place: a trendy new Italian restaurant called Operetta.
“I don’t know why they had to leave,” said Ho Kwan-lun, a urologist who took selfies with his friends in front of Dan Ryan’s before going in for one last meal the day it closed on April 10. “It’s a shame. This place has been here so long.” Read more>>
CapitaLand Net Profit Rises 35% on China Asset Sales
CapitaLand announced a 35.4 per cent rise in net profit to S$218.3 million for its first quarter ended March 31 from S$161.3 million a year ago, mainly due to the fair value gain from the divestment of a property in China, Somerset ZhongGuanCun Beijing.
Operating net profit for the quarter dipped 1.6 per cent to S$152.8 million, the developer said on Wednesday (April 20). Read more>>
Capella Shanghai Hotel to Open in Xuhui District in March 2017
Shanghai Hengfu Investment & Development Co., Ltd has appointed Capella Hotel Group Asia as the manager of Capella Shanghai, Jian Ye Li, which is scheduled to open in March 2017. Capella Residences Shanghai, located within the same estate, will open in early 2017.
Located within Hengfu historical and cultural preservation zone of the Xuhui District, Capella Shanghai, Jian Ye Li will be the city’s only all-villa urban resort in the last remaining cluster of historical ‘shikumen’ (stone warehouse gate) estate, which was the landmark of 1930s Shanghai. Read more>>
China Land Prices Rose 1.27% in Q1
China land costs rose again in the first quarter with prices in top-tier cities surging the most amid a sizzling property market.
Prices of land for homes jumped 1.27 percent in the January-March period from the previous quarter, while those of land for industrial use added 0.73 percent, according to the Ministry of Land and Resources. Read more>>
New World Gets All Juvenile for Revamped HK Mall
Dwindling footfalls and intense competition in the Hong Kong retail market is prompting developers of shopping malls to tap unexplored areas for growth.
New World Development has gone a step further and is using its revamped D.Park shopping mall in Tsuen Wan to tap the niche children’s market. The group has launched Multiple Intelligence Kids Malls targeting children under the age of 12, eight years after it introduced the K11 art mall concept in Tsim Sha Tsui. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter for headlines as they happen.
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