Leading today’s news roundup, Hard Rock Cafe sees a craving for American burgers and Black Sabbath memorabilia in places like Chengdu, as the theme restaurant chain plans to bring its act to 36 new locations in China in 36 months. Also in the headlines, delays in a Paris transport plan could make Wanda’s French fun park project a lot less amusing, and the department store format continues its long, slow decline. But investors are bullish on the home alarm sector in South Korea, so read on for all the details.
Hard Rock Cafe Readies 36-Store Rollout in China
HRC World Plc today inked a contract with China Construction Eighth Engineering Division Corp (CCEED) to construct 36 Hard Rock Cafes in China in a deal valued at RMB 1.1 to 1.2 billion ($176 to $191 million). HRC is the franchise holder for the Hard Rock chain in China and is currently running the Hard Rock cafes in Hangzhou and Shanghai which were developed in 2016.
“We target the completion of the project in 36 months and we are eyeing the growing middle class in China to patronise our outlets,” said HRC World’s CEO Alex George in a press conference after the signing of the contract ceremony in Kuala Lumpur today. HRC World has already established a Hard Rock Café Shanghai and Hard Rock Café Hangzhou, with a third Café in Chengdu expected to open in summer 2018. Read more>>
Paris Metro Setback Threatens $3.8B Wanda Fun Park
French President Emmanuel Macron’s move to curb spending on a vast plan to expand the Paris transport network is making developers of a 3.1 billion euro ($3.8 billion) shopping and leisure complex increasingly nervous about the future of their project.
The suburban development called EuropaCity — slated to include malls, cinemas and an indoor ski slope — is the brainchild of Chinese billionaire Wang Jianlin’s Dalian Wanda Group Co. and French retailer Auchan SA, the French government is signaling tough choices will be made on some aspects of the transport plan and delays are possible. Read more>>
Parkson Posts $2.3M Quarterly Loss, Closes 3 Stores
Department store operator Parkson Retail Asia posted a net loss of S$3.1 million ($2.3 million) for the third quarter ended Dec 31, deepening from S$2.2 million a year ago. Revenue for the quarter ticked up marginally by 0.9 per cent to S$112.1 million from S$111.1 million a year ago.
Loss per share stood at 0.46 Singapore cent, deepening from a loss of 0.33 cent previously. No dividend was declared for the quarter. In a filing to the bourse, the group said that given the strenuous operating environment, it had been monitoring its store performances closely. A total of three underperforming stores were closed for the six-month period ended Dec 31, it said. Read more>>
Oxley Holdings Beats 80 To Buy Singapore Plot for $9.9M
Property developer Oxley Holdings emerged as the most suitable candidate out of more than 80 parties for the purchase of a 99-year leasehold plot owned by the Huang Shi Zong Hui Singapore (Huang Clan Association), Edmund Tie & Company said yesterday.
Edmund Tie, the agent for the sale, said it had conducted an expression-of-interest exercise in 2014 on the 2,219.6 square metre site, which has a plot ratio of 2.8, with the intention of seeking joint-venture proposals to redevelop the property. The property developer’s wholly owned subsidiary Oxley Pearl bought the plot in Lorong 35 Geylang for S$13 million ($9.9 million), with plans to turn it into an eight-storey mixed-use development to be named Sixteen35 Residences. Read more>>
GIC, Brookfield, CVC Bid on Korean Alarm Company in $2.8B Deal
CVC Capital Partners has formed a consortium with Brookfield Asset Management and Singapore’s sovereign wealth fund GIC to make a final bid for South Korea’s No. 2 security services provider, ADT Caps, in a deal expected to fetch over 3 trillion won ($2.8 billion).
The CVC-led group was one of shortlisted bidders for ADT Caps, wholly owned by the Carlyle Group, in a preliminary auction conducted in December 2017, according to sources with knowledge of the matter on Feb 5. Read more>>
Huge Sinkhole Over Foshan Subway Site Swallows 11
Eight people have died and three remain missing in southern China after a massive sinkhole yesterday swallowed a major road in the middle of a city. The eight-lane road caved in after a water leak occurred on the construction site of a subway station in Foshan, a city of seven million people, authorities said Thursday.
Nine people were rescued from the sinkhole, which is said to be as big as two basketball courts. The condition of the survivors are reportedly stable. The accident took place near the No.1 Ring Road Bridge on Jihua Xi Road above the construction site of Foshan’s Subway Line 2. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
Leave a Reply