Word: kong
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...built since 2002 and at least 100 more are expected to open this year, adding a total of about 320 million sq. ft. (30 million sq m) of new retail space-16 times Manhattan's total. "It's a huge supply in any market," says Morgan Parker, the Hong Kong-based president of Taubman Asia, a subsidiary of U.S. real estate developer Taubman Centers...
...Colliers International's North Asia practice, says most try to attract upscale brands. "Everyone thinks they need Prada, Gucci, Fendi in every project, even smaller ones," Liu says. "Well, the vast majority of customers won't spend their money on upmarket products like that." Indeed, at Beijing's Shin Kong Place recently, office worker Zhang Ting, 28, called the center's many high-end international brands "prohibitively expensive." While hundreds of local office workers like Zhang crowded the downtown mall's basement food court, few ventured upstairs to buy anything. The mall was so quiet that the whirring of escalators...
...desperate for good investment opportunities," says Sun. But China's banks offer paltry interest rates on deposits, so for much of the past decade, Chinese poured money into the real estate market. In part, says Sun, that's because "all the good companies in China were listing in Hong Kong," which until very recently was off limits for the vast majority of Chinese investors. The result, in the first half of this decade, was a property bubble, particularly in more prosperous eastern cities like Shanghai and Shenzhen, that drove prices out of reach of ordinary Chinese...
...Economists believe the Chinese government has nudged companies that had already listed in Hong Kong to list their shares on the mainland. Officials in China knew well that their equity markets had a well-earned reputation for being poorly regulated - more casino than orderly market. That's why they introduced a new securities law a year ago, and it's also why, bankers in China say, they wanted to give retail investors a shot at investing in well known companies. "For the last year," says a western banker in Hong Kong, "the word has definitely gone out that solid, state...
...question now: Does this year's extraordinary pace of IPOs in China signal a sea change - a year that marks financial leadership in greater China moving from Hong Kong to the mainland? That thought, when the PwC forecast came out on July 4, was definitely giving western investment banks in Hong Kong heartburn, because China still maintains strict limits on their ability to underwrite deals on mainland markets. They probably needn't worry too much, at least not yet. "Hong Kong is still an international market, and the mainland markets aren't, and won't be anytime soon," says...