Posted November 01, 2018 11:05:11A new $50-million mall in the city of Hong Kong has secured a loan from a real estate company, which is expected to allow it to repay a debt incurred by a former tenant.
The mall, which was built by the property management company Land Group, will be part of a portfolio of retail realestate in Hongkong, which also includes shopping malls, hotels and apartments.
Land Group has a large investment portfolio, with properties in Australia, China, Hong Kong, Singapore and the US.
The company has been in Hong-Kong since 1996, and the mall was first announced in the autumn of 2016.
Its first tenant was a Chinese firm called Shanghai International Group, which has since moved to the UK.
The mall will also house a number of hotels, including a hotel on the second floor.
“We had to look at various solutions,” Land Group chief executive John Poulton said.
“We looked at other ways of making sure that we have a good quality of life for our tenants, which will be the hotel, which can be used by the hotel to offer customers the best value for money.”
LandGroup has built a number, including the mall, in Hong kong, in addition to malls in China, the UK and Australia.
In addition to the hotel on its second floor, LandGroup has also bought two hotels on the same floor.
The hotel will be used as a hotel by the company to serve its guests, while the other hotel will become a hotel for the tenant to rent out.
The leases will last three to five years, with rents increasing by 1 per cent each year.
Poulton declined to give the total cost of the project, but said the company was planning to pay off some of the debt on a commercial basis.
“The company is paying off a substantial amount of debt that has been incurred in the past,” he said.
According to LandGroup, it has a $1.1 billion portfolio in HongKong, with some $600 million in debt, according to Land Group’s financial statements.
The mall, built in the former British colony’s Hong Kong International Airport, opened in July 2016.
LandGroup is planning to invest $1 billion in the mall.