Hongkong Land unveils $1 bln investment in heart of financial hub
26/06/2024 10:07
HONG KONG, June 26 (Reuters) - Property developer
Hongkong Land HKLD.SI on Wednesday announced an investment of
more than $1 billion over the next three years in a prime
shopping mall in the heart of the city's financial district.
Hongkong Land, which is 53.3% owned by Jardine Matheson
JARD.SI , said it planned to invest $400 million in the
project, with an additional $600 million coming from tenants.
Located in Hong Kong's Central business district, the new
Landmark project will house luxury names such as Sotheby's
auction house, Cartier, Tiffany & Co and Louis Vuitton.
The expansion plan comes against a backdrop of sliding
retail and office markets in Hong Kong, where vacancy rates are
at record high levels.
The office developer announced last year it planned to open
10 retail developments in the next five years in seven cities
across China.
Hongkong Land is a major commercial developer in Hong Kong
and also has a presence in mainland China and Southeast Asia.
(Reporting by Clare Jim; editing by Anne Marie Roantree and
Jason Neely)
((clare.jim@thomsonreuters.com;))