Giordano is shrinking its footprint in Hong Kong and Macau as more of its sales move online
In today’s roundup of regional news headlines, Hong Kong retailer Giordano plans to close six stores in the city after reporting a full-year loss, JD.com’s shares slide on fears of overstretched logistics spending, and China Evergrande’s chairman looks beyond his poker buddies in search of financing for the group’s EV arm.
Giordano to Close Six More Hong Kong Stores Amid HK$112M Loss
Giordano International said it plans to close six more Hong Kong and Macau stores in two or three months as it revealed a net loss of HK$112 million ($14.4 million) last year, compared with a net profit of HK$230 million in 2019.
The move by the Hong Kong-based casual clothing retailer came after it cut headcount from 6,400 to 1,500 last year. While in-store sales for Hong Kong and Macau fell by 53.1 percent last year, the company’s online business grew by 22.1 percent during 2020 and now accounts for 10.5 percent of total sales. Read more>>
JD.com Suggests More Logistics Spend, Shares Slide
Shares in JD.com slid Friday after the Chinese online retailer flagged to investors that it may sustain spending on logistics and new initiatives to continue riding the country’s online commerce boom, Bloomberg reports.
The company reported a higher-than-expected 31 percent jump in December-quarter revenue. The strong results mean that JD has a “strong foundation for investments in a range of growth opportunity”, chief financial officer Sandy Ran Xu told analysts on Thursday. She declined to forecast margins in the short term. Read more>>
Xander Leases 1.1M Sq Ft of Warehousing Space to Amazon, Flipkart
Singapore-based alternate investment firm Xander Group has leased around 1.1 million square feet of warehousing space to e-commerce firms Amazon India and Walmart-owned Flipkart in Bhiwandi, Maharashtra, said a person familiar with the development.
The leasing transaction has been done from Xander’s warehousing platform, a $250 million industrial real estate venture that it set up in 2019. Read more>>
Evergrande Taps New Tycoons for EV Startup
Chinese billionaire Hui Ka Yan has moved beyond his poker pals to finance expansion at his debt-laden empire.
The chairman of China Evergrande Group tapped new tycoons with links to his other real estate ventures to raise billions for an electric vehicle startup that’s now worth more than Ford Motor — all without any mass production of cars. Read more>>
Bids Invited for Five Former Government Quarters in Hong Kong
The Government Property Agency is inviting tenders for the purchase of five former government quarters, each consisting of one flat with a car-parking space.
They are located at Baguio Villa in Pok Fu Lam, Elm Tree Towers in Tai Hang, MacDonnell House and Po Shan Mansions in Mid-Levels and Wilshire Towers in North Point on Hong Kong Island. Read more>>
Sunac China Annual Income Rises to HK$277.99B
Sunac China said net profit grew by 36.9 percent year-on-year to RMB 35.64 billion ($5.48 billion) in 2020.
The company declared a final dividend of HK$1.65 ($0.21), up 34 percent. Core profit increased by 11.8 percent to RMB 30.26 billion. Read more>>
Malaysia Property Stocks Flash Bullish Signs as Rally Mounts
A rally in Malaysian developers’ shares is gathering pace as they head for the longest streak of gains this year.
Gromutual soared as much as 22 percent to the highest level since October 2018, while Eco World Development, MCT and Hua Yang rose more than 5 percent each. The Bursa Malaysia Property Index climbed for a fifth day. Read more>>
Property Agents, Condo Buyers Charged With Ducking Stamp Duty
Four Singaporeans have been accused of exercising a backdated option to purchase (OTP) so that the buyers may avoid paying higher additional buyer’s stamp duty on their third private residential property.
Two licensed property agents, Mu Shen and Loy Thye Wei, as well as two individuals, Daniel Halim and Lee Liu Ying, were charged in court on Friday morning under Section 62 of Singapore’s Stamp Duties Act. Read more>>
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