Lovers of lacy lingerie will have to look elsewhere for their new gear
A leading purveyor of lacy lingerie has joined the exodus from the world’s most expensive retail district, as reports from Hong Kong today report the shutdown of a Victoria’s Secret shop in Causeway Bay.
Also in Mingtiandi’s latest batch of real estate headlines, India may be ready for another business park REIT IPO and the troubles keep coming for China’s HNA Group, which is set to cut more than 4,500 jobs from one of its European subsidiaries. Keep reading for these stories and more from around the region.
Victoria’s Secret Latest Retailer to Flee Causeway Bay
Victoria’s Secret, the American retailer known around the globe for its seductive lingerie and advertisements, has closed its flagship store in Causeway Bay, becoming the latest luxury brand to shut its doors amid a plunge in tourism in Hong Kong due to the coronavirus pandemic and last year’s social unrest.
The retailer posted a simple paper notice on its door on Thursday that read, “We regret to inform you that we have closed the Victoria’s Secret Flagship Store at Causeway Bay in Hong Kong. You will be available to shop online on our international website.” Read more>>
India’s Mindspace Business Park REIT Revives IPO Plan
Mindspace Business Parks REIT has restarted work on its initial public offering (IPO), three people aware of the development said, as the resumption of economic activity brightens outlook for the real estate investment trust (REIT) backed by K Raheja Corp and Blackstone.
Mindspace, which had filed its draft IPO prospectus in December, initially planned to go public before the end of March, but market volatility due to the covid-19 pandemic forced the company to wait. Read more>>
Banyan Tree Plans Organic Farm Destination in Chiang Mai
Banyan Tree Group has formed a joint venture with Thai sustainable growers The Boutique Farmers to develop a gourmet organic farm and restaurant in Chiang Mai.
Named ORI9IN, the farm will be officially open to the public in October this year, with ticketed options for different “journeys” such as a maize maze and a first-hand look at crop-planting and jam factories. Read more>>
Shadow Banking on the Rise Again in China
Informal lending by Chinese banks, so-called shadow banking, is back in vogue after two and half years of regulatory clampdown as Beijing pledges faster credit growth to rescue its coronavirus-hit economy, according to a new report.
Overall shadow banking assets in China rose for the first time since 2017, a report published by American business and financial services company Moody’s on Wednesday showed. Read more>>
Hong Kong Investor Group Plans Charter City in Ireland
PRO-democracy activists from Hong Kong are in negotiations with the Irish Government to build a brand new city in Ireland to allow them to flee a Chinese crackdown, it is claimed.
The group said it has been talking to the Government since October about to constructing an “International Charter City” (ICC) in Ireland to house those who wish to leave the former British colony. Read more>>
HNA’s Swissport Unit to Cut 4,556 Jobs in UK, Ireland
Aviation services company Swissport said it could cut up to 4,556 jobs, or up to 53% of its workforce in the UK and Ireland, as it forecasts regional revenues will be cut by half as a result of the travel slump caused by the coronavirus pandemic.
Swissport Western Europe said in a letter to colleagues on Wednesday that it would need to make the job losses to survive the crisis. Read more>>
India’s Prestige Estates Reports 64% Drop in Net Profit
Realty firm Prestige Estates on Wednesday reported a 64 per cent fall in its consolidated net profit to Rs 51.1 crore for the quarter ended March. Its net profit had stood at Rs 141.9 crore in the year-ago period, according to a regulatory filing.
The company’s total income rose to Rs 2,016.9 crore in the fourth quarter of 2019-20, from Rs 1,994.3 crore a year ago. Read more>>
Tune in again soon for more Hong Kong news, and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
No closing down sale? Missed a trick there: “Knickers Down at Victoria’s Secret”