|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.
|© Copyright 1996-2018 irasia.com Ltd. All rights reserved.|
DISCLAIMER: irasia.com Ltd makes no guarantee as to the accuracy or completeness of any
information provided on this website. Under no circumstances shall irasia.com Ltd be liable
for damages resulting from the use of the information provided on this website.
TRADEMARK & COPYRIGHT: All intellectual property rights subsisting in the contents of this website belong to irasia.com Ltd or have been lawfully licensed to irasia.com Ltd for use on this website. All rights under applicable laws are hereby reserved. Reproduction of this website in whole or in part without the express written permission of irasia.com Ltd is strictly prohibited.