not vested
Mainland comes of age for mall operator by Grace Cao
CapitaMalls Asia said
more than half of its 55 malls in China will become profitable from next year.
( Winston: I read half of it's malls are not profitable )It is
currently building 15 malls in the mainland.
"From next year, China will replace Singapore and Malaysia as the biggest revenue driver," said chief executive officer Lim Beng Chee.
The firm
entered the mainland six years ago by acquiring seven malls. Its latest project is Suzhou's largest mall, being built under a 50:50 joint-venture with Suzhou Industrial Park Jinji Lake Urban Development.
The mall operator has also been
raising rents at a rate of 20 percent for tenants renewing leases.
"We could
lock in 90-92 percent of the rents, while the rest will be charged according to sales," said Lim.
CapitaMalls now wants to
list in Hong Kong by introduction on October 18 and its shares will begin trading under the stock code 6813.
The SGX-listed company
owns 96 malls in Asia. It will reveal third-quarter results on October 19.
Most the firm's malls in China run under two brands - CapitaMalls and Raffles City. Since 2005, it has invested S$1.3 billon (HK$7.75 billion) per year in China - mostly in second- and third-tier cities.
CapitaMall Jinniu, located in Chengdu - a third-tier city - for example serves up to 50,000 people per day. The stock closed at S$1.175 yesterday.
http://www.thestandard.com.hk/news_deta ... 11006&fc=7
It's all about "how much you made when you were right" & "how little you lost when you were wrong"