HONG KONG (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.
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)
