In the news today, Hong Kong’s Superman is weakened by kryptonite in its Brexit-form as shares in his affiliates continue to trend downward. Meanwhile Korea’s Lotte Department Store is teaming with Citic Group to enter the Shanghai retail sector and Dalian Wanda turns to former Walt Disney executive to help it defeat the mouse in China.
Brexit has been less than kind to stocks affiliated with Hong Kong’s most famous tycoon. Shares in his flagship company CK Hutchison Holdings – which gets more than a fifth of its revenues from the UK, according to Morgan Stanley estimates – have dropped 5.1 percent for the year to date.
Meanwhile, shares in Cheung Kong Infrastructure Holdings, which gets almost three quarters of its revenues from the UK, have fallen 10.3 percent year to date. Read more>>
Lotte Department Store has signed on to a joint venture with Citic Group, a state-owned Chinese company, to operate a shopping mall in Shanghai and to build three more in the region between 2017 and 2019, the Korean company announced Monday.
The joint venture will operate the already-existing Citic Square Mall in the bustling commercial district of Jing’an on West Nanjing Road. The joint venture will allow the Korean retail giant to step foot into the Shanghai market without having to navigate through China’s byzantine business regulations. Read more>>
Chinese conglomerate Dalian Wanda has hired a senior former Walt Disney Co executive to lead its theme park business. The move is likely to ramp up the budding rivalry between the two firms.
Wanda, which is planning to build dozens of entertainment complexes and theme parks around China, has hired Andrew Kam to lead its charge in the market. Kam was the managing director of Hong Kong Disneyland Resort until earlier this year. Read more>>
Developer Lendlease released details about the S$3.2 billion mixed development that will transform the area right next to Paya Lebar MRT station. It is the developer’s fourth mall in Singapore.
The mega project, Paya Lebar Quarter, will feature office space, shops and private housing and be spread across seven buildings on land the size of eight football pitches. Read more>>
Damansara Realty Bhd is proposing to form a joint venture with China’s Country Garden Holdings to develop an integrated township in Johor Baru. The township, dubbed Central Park, will be developed on 53 acres of freehold land in an area the firm is already familiar with.
In August, the mainland developer announced that it expects sales from the $121 billion Forest City project in Johor to bring in more than $3 billion this year. Read more>>
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