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Hongkong Land unveils $1 bln investment in heart of financial hub

Reuters SG
·1-min read

HONG KONG, June 26 (Reuters) - Property developer Hongkong Land 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 , 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.

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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)