Inside Retail Asia breaking property and Real Estate news within the retail industry.
Property News - Inside Retail Asia
Hong Kong’s soon-to-be-completed shopping centre development The Lohas mall is having significant troubles in attracting tenants following months of unrest in the region.
Property developer Hongkong Land has reported a 4-per-cent rise in underlying profit to a record US$1.076 billion for last year – but warned that the advent of the coronavirus outbreak will dent results this year.
Hong Kong retail landlords will face pressure to reduce rental rates throughout the year as leases come up for renewal, says Wharf Real Estate Investment Company chairman and MD Stephen Ng.
Japanese retail giant Aeon Vietnam says it will invest US$2 billion expanding its presence across the country.
Hong Kong shopping centre Times Square has launched a cultural experience, The World Market, which will run until March 26.
The first Philippine Shopping Festival, a nationwide sale promotion aimed at getting people into malls, has been postponed due to the rise of coronavirus disease worldwide.
Hong Kong Housing Authority (HA) has extended the 50 per cent rent cut for another six months for its retailers, following the government’s relief measure.
Shopping mall, retail and banking conglomerate SM Investments Corporation has reported a 20-per-cent increase in net profit last year to US$875.1 million (PHP44.6 billion).
Sunway Malls has released a response to the Malaysian government’s RM20 billion (US$4.75 billion) stimulus package to ease the impact of Covid-19.
New World Development has sold its stakes in two Hong Kong shopping malls to rail operator MTR Corporation, with settlement due next month.
Singapore’s Frasers Property Retail has introduced a support package for its tenants to provide some relief from the effect of the current coronavirus outbreak on business.