|For immediate release||June 1, 2005|
Sun Hung Kai Properties ("SHKP") announced today (June 1) that it acquired 100% interest in Seiyu (Shatin) Company Limited ("Seiyu Shatin") yesterday. Seiyu department store operated by Seiyu Shatin is one of the major tenants in Shatin New Town Plaza.
Located in the hub of transport network, New Town Plaza is the most popular shopping mall in the New Territories, drawing large crowds of visitors from all over Hong Kong. To create a refreshing and comfortable shopping experience for customers, the mall is now undergoing a HK$300 million renovation. New Town Plaza is one of the most visited shopping malls in Hong Kong, attracting nearly 100 million annual visits.
A well-balanced tenant mix offering popular brands for diverse customer groups is a major factor for New Town Plaza's success. The 150,000-square-foot Seiyu department store opened in 1990 has since been one of the most popular department stores in New Town Plaza, providing an array of quality merchandize and excellent services. It has won regular patronage of loyal customer groups, boosting New Town Plaza's success.
An SHKP spokesperson said that it is SHKP's strategy to maintain a well-balanced tenant mix and quality services at New Town Plaza. It therefore decided to acquire Seiyu Shatin when it learned that The Seiyu, Ltd. of Japan expressed its interest to sell its Hong Kong department store operations. The deal will not affect the department store's existing operations, and it will continue to offer customers fabulous shopping experience and first-class services.
The SHKP spokesperson added that Seiyu Shatin is profitable, and that SHKP views this as a long-term investment. The Seiyu Shatin will seek continuing business growth.
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